Observers have been awaiting decisions in a number of cybersecurity and privacy securities fraud class actions with potentially important implications for corporate liability. Over the last several weeks, critical developments emerged in two such cases: the defendants’ motion to dismiss was granted in part and denied in part in In re Zoom Securities Litigation, and […]
Cyber Risk
White House Releases Recommendations to Protect Against Potential Cyberattacks
The potential for malicious cyber activity has been a concern for the Biden administration throughout the evolving crisis in Ukraine (including the imposition of sanctions against Russia). In response to the concern, the Biden administration, which is now facing “evolving intelligence that Russia may be exploring options for potential cyberattacks,” has released recommendations for companies […]
SEC Proposed Rule Will Require Private Funds to Report Certain Cyber Events
On January 26, 2022, the U.S. Securities and Exchange Commission (SEC) proposed new rules to enhance hedge fund and private fund disclosure requirements and increase regulators’ visibility into the private funds industry. The proposed rules would amend the SEC’s Form PF, the confidential reporting form by which private funds disclose regulatory assets to the SEC, […]
FTC Releases Warning to Companies that Fail to Mitigate Log4j Vulnerability
Less than a month ago, a critical vulnerability was identified in the ubiquitous, open source Log4j tool prompting swift guidance from Cybersecurity and Infrastructure Security Agency (CISA) and other security practitioners. Now, the Federal Trade Commission (FTC) has warned companies that it “intends to use its full legal authority” against any company that fails to […]
Update: FTC Amendments to the Safeguards Rule and Request for Comment on Proposed Reporting Requirement Published to the Federal Register
As an update to prior coverage of the FTC’s final revisions to the Gramm-Leach-Bliley Safeguards Rule (Final Rule), following its publication in the Federal Register on December 9, 2021, the Final Rule now will take effect on January 8, 2022, 30 days after publication in the Federal Register. Revisions to the Final Rule include an […]