Tag Archives: cybersecurity

Being first isn’t always best: SEC settles for $35 million fine for failure to disclose data breach to investors

Company response to major data breach results in first-of-its-kind fine for improper disclosure to investors On April 24, 2018, U.S. Securities and Exchange Commission (SEC) and Altaba Inc., (formerly known as Yahoo! Inc.) agreed to settle SEC Division of Enforcement charges stemming from the compromise of 3 billion Yahoo accounts that occurred in 2013 and … Continue Reading

Keys to the City: Recent developments in New York City address cybersecurity risks

In the wake of recent cyberattacks, cities and states are taking a stand. On March 29, New York City (the City) Mayor Bill de Blasio announced NYC Secure, an initiative that will include a suspicious activity alert app for residents and security upgrades to the City’s public Wi-Fi networks.[1]The initiative is intended as a citywide … Continue Reading

UK government publishes response to its consultation on the Directive on security of networks and information systems

The UK government has published its response to a public consultation on the EU Directive on security networks and information systems (NIS Directive) that opened in August last year. The response sets out the UK’s vision for improving the security of the UK’s essential services by implementing the NIS Directive. The NIS Directive The NIS … Continue Reading

Study identifies cybersecurity and privacy shortcomings in health apps

A recent study conducted by researchers at the University of Piraeus, published in the Institute of Electrical and Electronics Engineers’ Access journal (29 January 2018), has indicated that many popular health apps have significant privacy and cybersecurity failings; many of them do not follow standard practices nor will they comply with the upcoming General Data … Continue Reading

An interview with Indiana AG Curtis Hill

Check out this month’s edition of The Privacy Advisor, a publication of the International Association of Privacy Professionals (IAPP), for Divonne Smoyer and Kimberly Chow’s Q&A with Indiana Attorney General Curtis Hill. AG Hill has prioritized rolling back federal overreach and safeguarding consumers from fraud and scams, along with continuing to take a hard line … Continue Reading

Guiding light: SEC adopts updated cybersecurity guidance

Last week, the Securities and Exchange Commission (SEC) unanimously adopted new cybersecurity guidance aimed at assisting public companies in their preparation of cybersecurity risk and incident disclosures. In its new Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures, the SEC is aiming to apply lessons learned from the many major data security incidents that … Continue Reading

Cloud before the storm: Lloyd’s of London report forecasts cloud outage with a chance of multibillion dollar losses

On Tuesday, January 23, Lloyd’s of London co-published a report with AIR Worldwide highlighting the significant financial fallout that could occur in the event of a cyber incident or shutdown of a cloud computing provider in the United States, noting that losses could be to the tune of about $19 billion – of which only … Continue Reading

“An interview with Utah AG Sean Reyes”

Check out this month’s edition of The Privacy Advisor, a publication of the International Association of Privacy Professionals (IAPP), for Divonne Smoyer and Kimberly Chow’s Q&A with Utah Attorney General Sean Reyes. AG Reyes is well known as a bipartisan thought leader among AGs on the issues of privacy and cybersecurity. In the interview, he … Continue Reading

Anticipating Risks From and Responding to Cryptocurrency Theft

On November 20-21, 2017, Tether, the company behind USDT, a digital token backed by fiat currencies like the dollar and euro, disclosed that a hack resulted in the loss of $30.95 million worth of tokens. The Tether hack illuminates the privacy, reputational, financial and recovery risks associated with issuing, owning and storing digital currencies. These … Continue Reading

“An Interview with Wisconsin AG Brad Schimel”

Check out this month’s edition of The Privacy Advisor, a publication of the International Association of Privacy Professionals (IAPP), for Divonne Smoyer and Kimberly Chow’s Q&A with Wisconsin Attorney General Brad Schimel. AG Schimel has prioritized cybercrime enforcement and prevention for the state. In the interview, he discusses his data privacy and security agenda as … Continue Reading

From the Server Room to the Board Room: D&O and Cybersecurity Emerging Trends

With breaches of nearly 150 million Americans’ personal information flooding the news the last few weeks, followed by the filing of more than 50 class action lawsuits to date, and the announcement of an FTC investigation, cybersecurity is squarely on the minds of and on the table in boardrooms across the country. On September 14, … Continue Reading

Delaware Amends Data Breach Notification Law to Require Reasonable Data Security and Expand the Scope of Personal Information Requiring Notice

On August 17, 2017, Delaware Governor John Carney signed into law House Substitute 1 for House Bill 180, making the first significant amendment to Delaware’s data breach notification law since 2005.  The bill, scheduled to go into effect April 14, 2018, requires private organizations to maintain reasonable security policies and procedures; expands the definition of … Continue Reading

UK government posts new NIS Directive consultation addressing cybersecurity threats

The security and reliability of the UK’s IT infrastructure remains a key priority for the government. In August 2017, the Department for Digital, Culture, Media and Sport launched a public consultation on its plans to transpose the Network and Information Systems Directive (‘NIS Directive’) into UK legislation. (As we reported earlier this year, the UK has … Continue Reading

President Trump Signs Executive Order on Cybersecurity Focusing on Critical Infrastructure, Federal Networks and Public Cybersecurity Policy

On Monday, May 11, 2017, President Donald Trump signed an Executive Order on “Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure.”  The Executive Order comes after Trump had postponed signing a similar executive order on cybersecurity on Feb. 1, and another draft executive order had been circulated Feb. 10. The final Executive Order aligns … Continue Reading

UK government publishes digital strategy to create and support a secure and thriving data economy

On 1 March 2017, the UK government published its Digital Strategy (“Strategy”) for a “world-leading digital economy that works for everyone.”. The Strategy contains a number of statements that bring some certainty to the direction of regulation in the UK following its withdrawal from the European Union. Unlocking the data economy The Strategy notes the … Continue Reading

NIS Directive to be implemented in UK despite Brexit

In January, the UK government confirmed that it will be implementing the EU’s Network and Information Security Directive (NIS Directive) regardless of Brexit. EU countries have until 9 May 2018 to implement the Directive into their national laws. Given Brexit, the UK government confirmed in its Cyber Security Regulation and Incentives Review that details of the … Continue Reading

The new Cybersecurity Law of China: What does it mean for the International Market?

On 7 November, the government of the People’s Republic of China passed the much-anticipated Cyber Security Law of China, which will come into force 1 June 2017. After first and second drafts were put out for public consultation in June 2015 and May 2016, respectively, it was a third draft issued in October 2016 that … Continue Reading

European Commission Publishes Communication on Cybersecurity

On 5 July, the European Commission (“EC”) published a communication outlining measures to improve resilience to cyber incidents, improve cooperation and information sharing, and promote innovation and competition in the European cybersecurity industry.   The communication highlights the EC’s intention to take cooperation, knowledge, and capacity to the next level, particularly through the imminent introduction … Continue Reading

Are You Prepared for Your Vendor’s Data Breach?

Ever since the Target and Home Depot breaches were traced to intrusions at their vendors, the management of cybersecurity at third-party vendors has been a focus of companies and regulators. The FTC has flagged the issue, as has the SEC. The DoD has imposed strict cybersecurity requirements for contractors that “flow down” to sub-contractors. But despite an … Continue Reading

Cybersecurity & Other Risks: OCC Outlines Key Examination Areas for 2016

As the technology world is on the upswing, organizations may be at an increased risk for data breaches and cybersecurity incidents. “The Office of the Comptroller of the Currency examiners will be using the agency’s new Cybersecurity Assessment Tool in conjunction with information security and operational risk supervisory activities to determine an institution’s ability to … Continue Reading

Cyber-Hacking and Cyberterrorism Are Bringing More Attention to Technology Firms and Software Manufacturers

Should “cyber products” be added to the United States Munitions List (USML)? Cyber-hacking and cyberterrorism are growing concerns for the national security of the United States, so this question could not go unanswered. The Defense Trade Advisory Group (DTAG) decided that “cyber products” should not be added to the USML. The addition of this broad … Continue Reading

New York Department of Financial Services Previews Upcoming Cybersecurity Regulations for Banks and Insurers

Anthony Albanese, the head of the New York Department of Financial Services, issued a letter to more than 20 federal and state regulators outlining proposed cybersecurity regulations for banks and insurance companies operating in New York. While the letter is a request for comment from fellow regulators, it represents a preview of several cybersecurity measures … Continue Reading

New challenges created by China’s new draft cybersecurity law

In July 2015, China released its new draft cybersecurity law (the ‘Law’), which will potentially have far-reaching consequences for network operators and companies doing business in China. The Law regulates cross-border data transfers and gives individuals greater protection over their personal data, including granting them increased rights to access and amend their personal information. The … Continue Reading
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