Join us in our latest Tech Law Talks podcast series as we explore the regulatory topic du jour: eComms. What are eComms and why are they resulting in fines in the hundreds of millions of dollars for some of the world’s largest banks? The answer is simultaneously simple and complex: rapidly changing technology means keeping up with the variety of eComms, or electronic communications, used by businesses and applying decades-old regulations to new functionality is more challenging than ever before.
The Securities and Exchange Commission (SEC) is proposing new rules to require registered funds (RFs) and investment advisers (RIAs) to implement comprehensive cybersecurity programs. Under the proposed rules, the SEC seeks to accomplish four main objectives, requiring RFs and RIAs to:
- Maintain and implement cybersecurity policies and procedures;
- Adopt new recordkeeping standards;
- Report significant cybersecurity incidents to the commission; and
- Disclose cybersecurity risks and incidents to clients and investors.
In a recent Q&A with Ohio Attorney General (AG) Dave Yost published in the IAPP Privacy Advisor, the first term AG discusses how he continued Ohio’s role as a vigorous enforcer of consumer protection and privacy laws, with a lengthy track record of looking out for the needs of the government, business and consumers equally.…