News & Analysis as of September 18, 2024

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

SEC Revamps and Enhances Data Protections with Amendments to Regulation S-P

Foley Hoag LLP - Security, Privacy and the... on 5/30/2024

The Securities and Exchange Commission (“SEC”) has announced the adoption of amendments to Regulation S-P (“Amendments”) to modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal...more

The Not-So-Wild West of AI Regulation

Foley & Lardner LLP on 12/27/2023

Over the past year, we have seen the various agencies and branches of government issue a slew of rules, guidance, and directives over the use (and misuse) of Artificial Intelligence (AI). In May, the EEOC issued guidance on...more

AI Legal News Summer Roundup: Edition 3

White & Case LLP on 8/10/2023

Welcome to the third edition of our AI Legal News Summer Roundup! After five class actions were filed between June 28 and July 11 (as reported on in our first edition of this series), on July 21, another class action lawsuit...more

December 9 Looms as Compliance Date for Private Investment Funds and Certain Investment Advisers to Comply With New Cybersecurity...

Katten Muchin Rosenman LLP on 12/6/2022

Additional Requirements to Go Into Effect June 9, 2023 - As we discussed in our March 3 Advisory, on October 27, 2021, the Federal Trade Commission (FTC) announced revisions (the 2021 Revisions) to its information...more

Dechert Cyber Bits - Issue 22

Dechert LLP on 10/14/2022

SEC Chair Gensler Indicates Commission is Looking to Update SEC’s Regulation S-P - On September 28, 2022, Securities and Exchange Commission (“SEC” or the “Commission”) Chairman Gary Gensler appeared via video at the...more

SEC Proposes Cybersecurity Rule for Registered Funds and Investment Advisers

Proskauer Rose LLP on 4/28/2022

Final comments were due last week to the Securities and Exchange Commission (SEC)’s proposed cybersecurity risk management rules for registered investment advisers, registered investment companies and business development...more

The BR Privacy & Security Download: March 2022

Blank Rome LLP on 3/4/2022

Welcome to this month's issue of The BR Privacy & Security Download, the digital newsletter of Blank Rome’s Privacy, Security & Data Protection practice. ...more

SEC Chair Gensler Remarks Indicate 2022 Action Expanding Cyber Requirements

Holland & Knight LLP on 1/31/2022

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler made remarks on Jan. 24, 2022, at Northwestern University Pritzker School of Law's Annual Securities Regulation Institute regarding the SEC's work to improve...more

SEC Heightens Focus on Cybersecurity

Skadden, Arps, Slate, Meagher & Flom LLP on 9/3/2021

On August 30, 2021, the Securities and Exchange Commission (SEC) announced that eight broker-dealers and/or investment advisers will pay civil monetary penalties to resolve enforcement actions arising from cybersecurity...more

Data Privacy + Cybersecurity Insider - July 2020 #2

Robinson & Cole LLP on 7/17/2020

CYBERSECURITY - SEC Issues Warning for Advisors and Broker-Dealers on Increased Ransomware Attacks - On July 10, 2020, the Securities and Exchange Commission (SEC), through its Office of Compliance Inspections and...more

FINRA Fines Broker-Dealer for Sharing Customer Data with Third-Party Vendor

Mintz - Employment Viewpoints on 5/1/2020

Kestra Investment Services LLC (“Kestra”) was fined $125,000 by FINRA for sharing personal customer data with a third-party vendor. Kestra had engaged the vendor to assist newly hired brokers with the transfer of customer...more

SEC Examiners Release Cyber Observations: What You Need To Know

Bracewell LLP on 2/6/2020

On January 27, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its most recent Cybersecurity and Resiliency Observations. This report highlights specific practices that have been, and can be...more

What Funds Should Know About The New Cayman Islands Data Protection Law

Kramer Levin Naftalis & Frankel LLP on 11/1/2019

The Cayman Islands recently implemented data protection legislation similar to that adopted elsewhere in the world, including the EU’s General Data Protection Regulation (GDPR). The GDPR forced many businesses outside its...more

Data Privacy + Cybersecurity Insider - May 2019 #4

Robinson & Cole LLP on 5/24/2019

The North American Securities Administrators Association (NASAA) this week approved an information security model rule package aimed at improving the cybersecurity posture of the 17,543 state-registered advisers. ...more

SEC Issues Risk Alert on Regulation S-P

Baker Donelson on 5/3/2019

It should not be surprising to anyone that cybersecurity and data protection remain top priorities for regulators of the financial services industry. Indeed, cybersecurity has been regularly identified as a key priority by...more

SEC Issues Risk Alert on Customer Privacy Safeguards

Sheppard Mullin Richter & Hampton LLP on 4/30/2019

Earlier this month, the Securities and Exchange Commission (“SEC”) took a break from its recent focus on digital assets and the Best Interest fiduciary standard to publish a Risk Alert encouraging investment advisers and...more

SEC Warns Registered Firms about Client Privacy and Data Security

Akin Gump Strauss Hauer & Feld LLP on 4/29/2019

• The SEC released a Risk Alert summarizing key areas in which it continues to see compliance deficiencies related to Regulation S-P, the primary SEC rule regarding privacy notices and safeguard policies of investment...more

SEC Warns Advisers Over Privacy Compliance Issues

Patterson Belknap Webb & Tyler LLP on 4/29/2019

The Securities and Exchange Commission is warning investment firms to step up their game when it comes to following the agency’s privacy rules. In a Risk Alert issued by the Office of Compliance Inspections and Examinations...more

SEC Issues Risk Alert on Privacy Issues

Bass, Berry & Sims PLC on 4/26/2019

The SEC has again signaled that now is the time for investment advisers and broker-dealers to get serious about compliance with Reg. S-P. For years, the SEC’s examination priorities have included a focus on cybersecurity...more

The SEC Released A Risk Alert On Reg S-P, a/k/a How To Avoid A $1 Million Penalty

UB Greensfelder LLP on 4/24/2019

I am hardly saying that SEC Regulation S-P is the sexiest of regulations. I mean, has any customer is history actually read one of those exciting statement stuffers that discloses in some dense font a BD’s privacy policy?...more

SEC Updates Data Privacy and Cybersecurity Guidance for Registered Firms

BakerHostetler on 4/23/2019

On April 16, 2019, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) issued a risk alert, “Investment Adviser and Broker-Dealer Compliance Issues Relating to...more

SEC To Focus on Cybersecurity in 2019

Sheppard Mullin Richter & Hampton LLP on 3/28/2019

For the fourth year running, the Securities and Exchange Commission’s Office continues to list cybersecurity as one of the top enforcement priorities for 2019. As it relates to cybersecurity, the SEC will be focusing on...more

SEC Issues $1 Million Identity Theft Rule Fine

Sheppard Mullin Richter & Hampton LLP on 10/23/2018

The Securities and Exchange Commission recently settled with Voya Financial Advisors, Inc. for alleged violation of Regulation S-ID (otherwise known as the Identity Theft Red Flags Rule) and Regulation S-P (otherwise known as...more

[Webinar] Investment Insights - Cybersecurity Responsibilities for Investment Advisers - May 17th, 10:00am CT

Winstead PC on 5/8/2018

This presentation will cover an overview of data protection policies and procedures for Investment Advisers....more

SEC Cybersecurity Risk Alert Emphasizes Proactive Compliance and Ongoing Vigilance

BakerHostetler on 8/17/2017

On August 7, 2017, the Securities and Exchange Commission (SEC) released its latest cybersecurity risk alert, detailing findings from the examination of 75 broker-dealers, investment advisers and investment companies carried...more

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