News & Analysis as of

Red Flags Rule Cybersecurity

Sheppard Mullin Richter & Hampton LLP

CFPB Report: ID Theft Among Servicemembers Increasing

On January 12, the CFPB released a report that identified an uptick in identity theft reported by servicemembers. The report found that military consumers (defined as active duty servicemembers, veterans, and military family...more

Sheppard Mullin Richter & Hampton LLP

Financial Crimes Makes Debut in FINRA Annual Priorities Preview

FINRA punctuated its annual post-New Year’s Report on FINRA’s Examination and Risk Monitoring Program (the “Report”), by including a new target category “Financial Crimes.” The inclusion of this category is noteworthy not...more

Skadden, Arps, Slate, Meagher & Flom LLP

Court of Chancery Dismisses Caremark Claims Because of Reporting Systems

Delaware courts have historically been reluctant to allow Caremark (or “board oversight”) claims to gain traction, describing such a claim as “possibly the most difficult theory in corporation law upon which a plaintiff might...more

K&L Gates LLP

The SEC Brings Its First Enforcement Action under the Identity Theft Red Flags Rule

K&L Gates LLP on

On September 26, 2018, the Securities and Exchange Commission (SEC) settled claims that Voya Financial Advisors, Inc. (VFA) failed to adequately protect customer information following a six-day cyberattack in 2016....more

Bass, Berry & Sims PLC

Avoiding an SEC Whack after a Cyber Hack

Bass, Berry & Sims PLC on

Adding insult to injury, the Securities and Exchange Commission (SEC) fined Voya Financial Advisors Inc. (VFA) $1 million and ordered a comprehensive two-year review by a compliance consultant, following a cyber-attack on...more

Mintz - Privacy & Cybersecurity Viewpoints

SEC Cybersecurity Initiative: Five Steps ALL Broker-Dealers and Investment Advisers Should be Taking

Last week, the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert announcing its Cybersecurity Initiative....more

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