News & Analysis as of May 29, 2025

Data Breach

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

U.S. Supreme Court Changes Its Mind, Will Not Decide Facebook Dispute Concerning Public Companies’ Risk-Factor Disclosures

BCLP on 11/27/2024

After hearing argument earlier this month in a widely followed securities law case concerning risk-factor disclosures of public companies, the U.S. Supreme Court last week decided it should not have agreed to hear the case...more

SEC Expands Scope of Internal Accounting Controls in Cybersecurity Breach Settlement

Holland & Knight LLP on 7/9/2024

The SEC continues to expand its cybersecurity enforcement authority to include allegations that a company's failure to monitor its managed security service providers (MSSP) amounts to violations of federal securities laws....more

Public Companies Must Accurately Disclose Material Cyber Breaches to Investors

Hinshaw & Culbertson - Privacy, Cyber & AI... on 8/25/2021

On August 16, 2021, the Securities and Exchange Commission (SEC) announced a $1 million settlement with Pearson plc (Pearson) in connection with a 2018 "cyber intrusion" that resulted in the theft of millions of student...more

Privacy, Vulnerabilities, and Breaches, Oh My

BCLP on 8/25/2021

A recent SEC settlement shed light on data security and privacy concerns that public companies should keep in mind when drafting and filing periodic reports. The SEC settlement concerned a 2018 data breach at Pearson Plc that...more

Regulatory Crackdown on Ransomware

Proskauer - The Capital Commitment on 12/15/2020

Ransomware is a Serious and Growing Problem - In recent years, Ransomware has evolved from merely encrypting files/disabling networks in solicitation of ransom, to sophisticated attacks that often involve actual data...more

SEC Remains Focused on Cybersecurity

Epiq on 4/3/2019

After a long silence since guidance was last issued a year ago, there’s now widespread expectation that the Securities and Exchange Commission will get much more specific this year about new cybersecurity disclosures for...more

Jones Day Global Privacy & Data Security Update | Vol. 20

Jones Day on 12/26/2018

UNITED STATES - Regulatory—Policy, Best Practices, and Standards - NIST Releases Internal Report Regarding IoT Cybersecurity - In September, the National Institute of Standards and Technology ("NIST") released a draft...more

The FinTech Revolution: How Data Breaches Can Result in Regulatory Enforcement Actions

Blank Rome LLP on 9/14/2018

This is the fifth installment in a series of articles. For more background on this topic, please read our first article in the series, An Introduction to Financial Technology; our second article, The FinTech Revolution:...more

SEC Announces Yahoo Will Pay $35 Million for Failure to Disclose Data Security Incident

Jones Day on 5/18/2018

The Situation: The SEC accused Altaba Inc., then known as Yahoo! Inc., of misleading investors by failing to disclose a major data breach orchestrated by Russian hackers. The Result: Altaba has agreed to pay $35 million to...more

The SEC Fines Yahoo for Alleged Failure to Disclose CyberBreach

Poyner Spruill LLP on 5/10/2018

The Securities and Exchange Commission (SEC) has undertaken its first enforcement action in connection with a public company’s failure to timely disclose cyber-issues. Last month, Altaba Inc., the former Yahoo! Inc. (Yahoo!),...more

It’s a material world - why the SEC’s Yahoo! penalty really matters

Eversheds Sutherland (US) LLP on 5/7/2018

In the aftermath of the April 24, 2018, Securities and Exchange Commission (SEC) statement announcing its penalty against Altaba Inc., formerly Yahoo! Inc. (Yahoo!), for failing to timely report a massive data breach,...more

Yahoo! Settlement Affirms SEC's Focus on Cybersecurity Disclosures

Williams Mullen on 5/4/2018

In late April 2018, the SEC and Altaba (formerly known as Yahoo!) agreed to a $35 million penalty to settle charges that Yahoo! misled investors by failing to disclose to investors its December 2014 data breach in which...more

Altaba (Yahoo) Agrees to Pay $35 million Penalty as SEC Continues to Emphasize Importance of Cybersecurity Data Breach Disclosures

Arnall Golden Gregory LLP on 5/4/2018

On April 24, 2018, the Securities and Exchange Commission (the “SEC”) announced that Altaba Inc. (f/k/a Yahoo! Inc.) agreed to pay a $35 million penalty relating to charges that it misled investors with respect to disclosure...more

An Unasserted Lesson of the SEC’s Yahoo Cyberbreach Enforcement Action

Troutman Pepper Locke on 5/2/2018

Much has already been written about the SEC’s enforcement action involving Yahoo’s failure to adequately disclose a cyberbreach.1 I am writing about something that the SEC’s announcement and order did not address and...more

SEC Issues $35 Million Fine For Alleged Failure To Disclose Data Breach

A&O Shearman on 5/1/2018

On April 24, 2018, the United States Securities and Exchange Commission (“SEC”) instituted a settled administrative proceeding against Altaba Inc., f/d/b/a Yahoo! Inc. (“Yahoo!”) for allegedly failing to disclose a...more

SEC Targets Inadequate Cyberbreach Disclosure in Yahoo! Settlement

WilmerHale on 4/30/2018

On April 24, 2018, the Securities and Exchange Commission announced a settled enforcement proceeding against Altaba Inc. (formerly known as Yahoo! Inc.) arising out of data breaches suffered by Yahoo in 2014, 2015 and 2016....more

Failure to Disclose Leads to $35 Million Penalty in the Yahoo! Cybersecurity Breach

Dorsey & Whitney LLP on 4/27/2018

The Securities and Exchange Commission (the “SEC”) announced Tuesday that Altaba, the entity formerly known as Yahoo! Inc., has agreed to pay a $35 million penalty to settle charges that it misled investors by failing to...more

Yahoo Settles Claims by SEC regarding 2014 Data Breach

Harris Beach Murtha PLLC on 4/26/2018

Yesterday, the Securities and Exchange Commission (SEC) announced an important administrative settlement with Altaba (Yahoo) related to the company’s failure to disclose a major security breach to its users and investors....more

SEC Issues New Cybersecurity Guidance; Makes Clear that Cybersecurity Disclosures Are Part of Existing SEC Requirements - Guidance...

Holland & Knight LLP on 2/26/2018

On Feb. 21, 2018, the Securities and Exchange Commission (SEC) issued interpretive guidance on its expectations for corporate disclosures on cybersecurity risks. The guidance delineates where it believes existing SEC rules...more

SEC Expands Cybersecurity Guidance: All Public Companies Must Take Note

Baker Donelson on 2/26/2018

On February 21, the U.S. Securities and Exchange Commission (SEC) issued interpretive guidance (the "Guidance") to public companies updating and expanding on the SEC Staff's prior cybersecurity guidance that was released in...more

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