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 Biden Administration Issues Executive Order on Artificial Intelligence -
On October 30, 2023, President Biden signed an Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence (the “Order”)...more
11/17/2023
/ Artificial Intelligence ,
Biden Administration ,
Chief Information Security Officer (CISO) ,
Cyber Crimes ,
Cyber Incident Reporting ,
Cybersecurity ,
Data Breach ,
Executive Orders ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
NYDFS ,
Ransomware ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
SolarWinds
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
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
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 U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations issued a National Exam Program Risk Alert on May 23, 2019, which identifies security risks and best practices associated with the...more
6/10/2019
/ Broker-Dealer ,
Cloud Storage ,
Customer Information ,
Cybersecurity ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Network Security ,
OCIE ,
Policies and Procedures ,
Popular ,
Risk Alert ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Third-Party Risk ,
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 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 National Futures Association (NFA) adopted on October 23, 2015 an “Interpretive Notice to NFA Compliance Rules 2-9, 2-36, and 2-49: Information Systems Security Programs” (Notice). The Notice requires each NFA Member to...more
11/6/2015
/ Brokers ,
CFTC ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
Cybersecurity ,
Dealers ,
Employee Training ,
Information Systems Security Program (ISSP) ,
Major Swap Participants ,
National Futures Association ,
NFA ,
Parent Corporation ,
Popular ,
Recordkeeping Requirements ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Swap Dealers ,
Third-Party Service Provider
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 Division of Investment Management (Division) of the U.S. Securities and Exchange Commission (SEC) issued a Guidance Update on April 28, 2015 (Guidance) relating to the cybersecurity of registered investment companies and...more
Following a year of high-profile data breaches, the Securities and Exchange Commission (SEC) announced on January 13, 2015 that, for the second consecutive year, its Office of Compliance Inspections and Examinations (OCIE)...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
The SEC and CFTC recently issued joint Identity Theft Red Flags Rules (the “Rules”), which are rules and guidelines requiring certain financial institutions worldwide to adopt comprehensive data security programs to detect...more
With the rise in targeted, sophisticated, malicious attacks on corporate America’s electronic infrastructure, companies are increasingly focused on their cybersecurity disclosure obligations. There is a growing concern that...more