On May 16, 2022, the European Data Protection Board (‘EDPB’) published draft regulatory guidelines (‘draft guidance’) on the calculation of administrative fines for infringements of the EU General Data Protection Regulation (‘GDPR’). In the draft guidance, the EDPB sets out its methodology, consisting of five steps, for calculating administrative fines. The EDPB adopted these guidelines […]
Data Breach Litigation
Recent Updates in Two Closely-Watched Cybersecurity and Privacy-Related Securities Fraud Class Actions
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 […]
California Federal Court Dismisses Data Security-Related Securities Fraud Class Action
A California federal court has dismissed a putative securities fraud class action alleging that a large title insurer that disclosed a data security incident in May 2019 made false and misleading statements related to its data security practices and the incident. The dismissal follows the June 2021 settlement of a related Securities & Exchange Commission […]
Securities Class Actions Filed Against Three Chinese Tech Titans After Announcement of Cyber-Related Investigations
In early July, investigations by a Chinese cybersecurity regulatory agency, the Cyberspace Administration of China (“CAC”), into at least three China-based technology companies—DiDi Global Inc. (“DiDi”), Full Truck Alliance Co. Ltd. (“FTA”), and Kanzhun Limited (“Kanzhun”)—were purportedly revealed weeks after each conducted a substantial initial public offering (“IPO”) on a United States stock exchange. These […]
2021 Developments in State Cybersecurity Safe Harbor Laws
Only four months in and 2021 has already been a big year for state cybersecurity safe harbor legislation. Two states, Utah and Connecticut, have recently enacted or introduced a breach litigation safe harbor to incentivize businesses to protect personal information by adopting industry-recognized cybersecurity frameworks such as the National Institute of Standards and Technology’s (NIST) […]