On March 25, 2022, President Biden and the President of the European Commission (“EC”) von der Leyen announced that the US and EU reached an agreement in principle on a new Trans-Atlantic Data Privacy framework for transatlantic data flows (the New Framework). The parties now need to translate the consensus…
As a significant step in its ongoing initiatives on the disclosure, management and oversight of cybersecurity risks and incidents, on March 9, 2022 the U.S. Securities and Exchange Commission (SEC) proposed new rules that would significantly increase cyber-related disclosures by public operating companies. The proposed rules would: Require disclosure in Form 10-Q…
The U.S. Securities and Exchange Commission is implementing a campaign to overhaul the agency’s expectations around cybersecurity and cyber incident reporting for the financial services industry and corporate America generally. For example, in a recent speech, Chairman Gensler reiterated his focus on cybersecurity and underscored the SEC’s work to “improve…
On February 9, 2022, the U.S. Securities and Exchange Commission (“SEC”) proposed a package of new rules and amendments to enhance cybersecurity preparedness and improve cyber resilience of investment advisers and investment companies against cybersecurity threats and attacks. If adopted, these rules will incorporate existing SEC staff guidance on cybersecurity policies and…
The UK’s Newly Assertive FCA pushes Google to Check Fintech Companies’ Drive Into Europe Subject to mounting pressure from UK lawmakers and regulators, in June 2021 Google announced a new policy that could limit the ability of US fintech companies to advertise in the UK – a key market for…
In what is likely the largest industry-wide vulnerability since the SolarWinds Orion flaw uncovered late last year, a critical software bug was recently discovered within Apache Log4j, an open-source logging utility widely used in business software development. A long list of technology companies have already reported being affected, including such…
The European Data Protection Board (EDPB) recently published minutes of its last plenary meeting held in September 2021, which (in paragraph 2) shed light on how the EDPB may address one of the biggest open issues regarding data transfers from Europe — whether under General Data Protection Regulation (GDPR), Chapter V data…
If you are not familiar with the FTC’s Health Breach Notification Rule, you are not alone. Issued in 2009, it has never been enforced. That may now change. In a recent Policy Statement, the FTC is putting a new spotlight on the Rule, explaining that the Rule applies to health…
Now in its fifth year, the NYDFS Cybersecurity Regulation is a standout among state-level information security regulations. This year, the NYDFS is investing additional resources into cybersecurity, with a new NYDFS Cyber Intelligence Unit formed in 2021, new ransomware guidance, and increasing enforcement. Compliance with the NYDFS Cybersecurity Regulation requires…
There is little doubt that the U.S. Securities and Exchange Commission is making cybersecurity a top priority. SEC Chair Gary Gensler told a Senate committee on Tuesday, September 14, 2021 that the agency is developing a proposal on cybersecurity risk governance, which “could address issues such as cyber hygiene and incident…