X Agrees to Stop Processing EU Data to Train its Grok AI -
Ireland’s Data Protection Commission (“DPC”) recently filed an urgent High Court application against X (formerly Twitter) for using the personal data of European...more
9/13/2024
/ Artificial Intelligence ,
Cybersecurity ,
Data Collection ,
Data Protection ,
Data Security ,
EU ,
EU-US Privacy Shield ,
European Data Protection Board (EDPB) ,
Fines ,
Ireland ,
Liability ,
Personal Data ,
Sensitive Personal Information ,
Twitter ,
Uber
FTC Announces Proposed Settlement with Software Provider to Settle Allegations that its Inadequate Security Safeguards Led to Cyberattack -
On February 1, 2024, the Federal Trade Commission (“FTC”) announced a proposed...more
As we begin the new year, we offer this special edition with predictions for 2024 from members of the Cyber Bits Partner Committee. Regardless of what happens in 2024, we renew our commitment to keep you informed of the...more
1/8/2024
/ Artificial Intelligence ,
Biometric Information ,
China ,
Consumer Privacy Rights ,
Cybersecurity ,
Disclosure Requirements ,
Enforcement ,
EU ,
Facial Recognition Technology ,
Machine Learning ,
Popular ,
Regulation S-P ,
Risk Management ,
Securities and Exchange Commission (SEC)
The SEC adopted new rules requiring public companies to (i) disclose material cybersecurity incidents on Form 8-K within four business days of determining that an incident is material, and (ii) periodically disclose their...more
8/8/2023
/ Cyber Incident Reporting ,
Cybersecurity ,
Disclosure Requirements ,
Form 10-K ,
Form 8-K ,
Investment Company Act of 1940 ,
Popular ,
Proposed Rules ,
Publicly-Traded Companies ,
Regulation S-K ,
Risk Management ,
Securities and Exchange Commission (SEC)
At an open meeting on March 15, 2023, the U.S. Securities and Exchange Commission voted three to two to propose a new rule, form and amendments (together, “Proposed Rule”) and published an accompanying release (“Release”)...more
5/11/2023
/ Cybersecurity ,
Disclosure Requirements ,
Incident Response Plans ,
MSBSPs ,
New Rules ,
Policies and Procedures ,
Popular ,
Recordkeeping Requirements ,
Risk Assessment ,
Risk Management ,
SBSD ,
Securities and Exchange Commission (SEC)
At an open meeting on March 15, 2023, the U.S. Securities and Exchange Commission voted unanimously to propose rule amendments to Regulation S-P (Proposed Rule) and published an accompanying release (Release). The Proposed...more
4/18/2023
/ Cybersecurity ,
Data Breach ,
Financial Institutions ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Gramm-Leach-Blilely Act ,
Investment Adviser ,
Investment Company Act of 1940 ,
Personal Information ,
Popular ,
Proposed Amendments ,
Recordkeeping Requirements ,
Regulation S-P ,
Risk Management ,
Safeguards Rule ,
Securities and Exchange Commission (SEC)
What is in store for Privacy and Cybersecurity in 2023 -
As the year ends, we offer this special edition with predictions for 2023 from each member of the Cyber Bits Partner Committee. Regardless of what happens in 2023, we...more
12/30/2022
/ Artificial Intelligence ,
California Consumer Privacy Act (CCPA) ,
Cyber Attacks ,
Cybersecurity ,
Disclosure Requirements ,
EU ,
Federal Trade Commission (FTC) ,
General Data Protection Regulation (GDPR) ,
Infrastructure ,
Investment Adviser ,
Popular ,
Privacy Laws ,
Privacy Legislation ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
State Data Breach Notification Statutes ,
UK ,
Whistleblowers
Less than two months after the California Privacy Protection Agency (“CPPA” or “Agency”) formally took over rulemaking for the California Consumer Privacy Act (“CCPA”), as amended by the California Privacy Rights Act...more
6/8/2022
/ California ,
California Consumer Privacy Act (CCPA) ,
California Privacy Rights Act (CPRA) ,
Consumer Privacy Rights ,
Cybersecurity ,
Data Collection ,
Data Management ,
Data Privacy ,
Data Protection ,
Policy Drafting ,
Popular ,
Regulatory Agenda
On March 9, 2022, the Securities and Exchange Commission (“SEC”) voted three-to-one to propose new and amended rules for public companies that are subject to the reporting requirements of the Securities Exchange Act of 1934...more
3/18/2022
/ Corporate Governance ,
Cybersecurity ,
Data Breach ,
Disclosure Requirements ,
Form 8-K ,
Proposed Amendments ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
At an open meeting on February 9, 2022, the Securities and Exchange Commission voted three-to-one to propose new and amended rules regarding cybersecurity risk management, cyber incident reporting and cyber risk disclosure...more
EU Parliament Adopts Amended Digital Services Act by a Wide Margin -
On January 21, 2022, the members of the EU Parliament approved by a large majority (77%) an amended draft of the Digital Services Act (“DSA”)....more
2/11/2022
/ Cloud Service Providers (CSPs) ,
Cybersecurity ,
Digital Service Providers ,
Digital Services ,
EU ,
Facial Recognition Technology ,
Financial Institutions ,
Google ,
Income Taxes ,
Internet ,
IRS ,
Online Platforms ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Tracking Systems ,
Unfair or Deceptive Trade Practices
Few things are certain, but it is indisputable that in 2022 data will remain big; data driven technologies will create unparalleled opportunity and risk; the frequency and sophistication of cyberattacks will shatter...more
1/7/2022
/ Artificial Intelligence ,
California Consumer Privacy Act (CCPA) ,
Cyber Attacks ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
Data Loss Prevention ,
Data Privacy ,
Data Protection ,
EU-US Privacy Shield ,
Federal Trade Commission (FTC) ,
General Data Protection Regulation (GDPR) ,
Hackers ,
International Data Transfers ,
Machine Learning ,
Popular ,
Ransomware ,
Regulatory Agenda ,
Section 5
On November 3, 2020, California voters passed Proposition 24, the California Privacy Rights Act (CPRA). Crafted to address perceived gaps in the California Consumer Privacy Act (CCPA), the CPRA effectively calcifies the law...more
11/13/2020
/ California Consumer Privacy Act (CCPA) ,
California Privacy Rights Act (CPRA) ,
Consumer Privacy Rights ,
Cybersecurity ,
Data Collection ,
Data Management ,
Data Privacy ,
Data Sellers ,
Data-Sharing ,
Information Governance ,
Personal Data ,
Personally Identifiable Information ,
Popular ,
Right to Delete ,
Right To Know ,
State and Local Government
The Risk Alert makes clear that OCIE has observed an increase in the frequency of credential stuffing attacks against Registrants, including some successful credential stuffing attacks that resulted in the loss of customer...more
The California Attorney General’s Office (California AG) submitted final proposed regulations (Regulations) under the California Consumer Privacy Act (CCPA) to the California Office of Administrative Law (CA OAL) on June 1,...more
6/24/2020
/ California Consumer Privacy Act (CCPA) ,
Consumer Privacy Rights ,
Cybersecurity ,
Data Collection ,
Data Management ,
Data Privacy ,
Data Protection ,
Office of Administrative Law Judges (OALJ) ,
Personal Data ,
Personally Identifiable Information ,
Privacy Laws ,
State and Local Government ,
State Attorneys General
The Office of Compliance Inspections and Examinations of the Securities and Exchange Commission released cybersecurity and resiliency-related examination observations on January 27, 2020, based on “thousands of examinations...more
2/14/2020
/ Broker-Dealer ,
Clearing Agencies ,
Corporate Governance ,
Cybersecurity ,
Data Loss Prevention ,
Incident Response Plans ,
Investment Adviser ,
OCIE ,
Privacy Policy ,
Publicly-Traded Companies ,
Risk Assessment ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Stock Exchange ,
Vendors
The Staff of the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission released a Risk Alert on April 16, 2019, which identifies significant Regulation S-P (Reg. S-P)1...more
4/23/2019
/ Broker-Dealer ,
Compliance ,
Cybersecurity ,
Employee Training ,
Investor Protection ,
OCIE ,
Opt-Outs ,
Personally Identifiable Information ,
Policies and Procedures ,
Popular ,
Privacy Policy ,
Registered Investment Companies (RICs) ,
Regulation S-P ,
Risk Alert ,
Securities and Exchange Commission (SEC)
The National Futures Association (NFA), the self-regulatory organization of the futures and swap trading industry, announced to its membership on January 7, 2019 that it had amended its requirements for NFA Member Information...more
2/8/2019
/ Amended Rules ,
CEOs ,
CFTC ,
Chief Information Security Officer (CISO) ,
Chief Technology Officer (CTO) ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
Cybersecurity ,
Data Security ,
National Futures Association ,
NFA ,
Popular
The California legislature unanimously approved and California Governor Jerry Brown signed into law the California Consumer Privacy Act of 2018 (CCPA) on June 28, 2018. The CCPA is arguably the most far-reaching data...more
9/19/2018
/ California Consumer Privacy Act (CCPA) ,
Consent ,
Consumer Privacy Rights ,
Covered Entities ,
Cybersecurity ,
Data Breach ,
Data Collection ,
Data Privacy ,
Data Protection ,
Disclosure Requirements ,
General Data Protection Regulation (GDPR) ,
New Legislation ,
Opt-Outs ,
Personally Identifiable Information ,
Privacy Laws ,
Privacy Policy ,
Private Right of Action ,
Right to Be Forgotten ,
Right to Delete ,
Right To Know ,
State Attorneys General ,
State Data Breach Notification Statutes
The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a National Examination Program Risk Alert (Risk Alert) on August 7, 2017 regarding observations from...more
8/22/2017
/ Best Practices ,
Broker-Dealer ,
Corporate Governance ,
Cybersecurity ,
Data Loss Prevention ,
Incident Response Plans ,
Internal Controls ,
Investment Adviser ,
Investment Companies ,
OCIE ,
Regulation S-P ,
Right of Access ,
Risk Alert ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Training Requirements ,
Vendors
The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued a National Exam Program Risk Alert (Risk Alert) on May 17, 2017 in response to “WannaCry,” the ongoing...more
5/22/2017
/ Broker-Dealer ,
Cyber Attacks ,
Cybersecurity ,
Department of Homeland Security (DHS) ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Microsoft ,
OCIE ,
Popular ,
Ransomware ,
Risk Alert ,
Risk Assessment ,
Risk Mitigation ,
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission’s (SEC or Commission) Office of Compliance Inspections and Examinations (OCIE) announced in a September 15, 2015 Risk Alert (2015 Risk Alert) that it will be conducting a second round of...more
The Securities and Exchange Commission’s (the “SEC” or the “Commission”) Office of Compliance Inspections and Examinations (“OCIE”) announced in an April 15, 2014 Risk Alert (the “Alert”) that it will be conducting...more