On October 16, 2024, the New York Department of Financial Services (“NYDFS”) issued an industry letter covering Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks (the “Industry Letter”). The Industry Letter contains guidance for entities regulated by NYDFS (“Covered Entities”) in assessing and responding to cybersecurity risks related to the use […]
Search Results for: Cybersecurity Regulation
Department of Justice Intervenes in Cybersecurity Qui Tam Action Against Georgia Tech
On Thursday, August 22, 2024, the United States Department of Justice (“DOJ”) filed a Complaint-In-Intervention in the case of United States of America ex rel. Christopher Craig and Kyle Koza, v. Georgia Tech Research Corp. and Board of Regents of the University System of Georgia (d/b/a the Georgia Institute of Technology) (United States v. Georgia […]
CPPA Board Declines to Advance CCPA Regulations to Formal Rulemaking; CPPA Highlights Enforcement Priorities
On July 16, 2024, the California Privacy Protection Agency (the “CPPA”) board declined to advance to formal rulemaking California Consumer Privacy Act (“CCPA”) draft regulations on cybersecurity audits, risk assessments, automated decisionmaking technology, insurance companies and updates to existing regulations. The CPPA board voted against advancing the regulations during its board meeting when it also […]
SEC Corporation Finance Provides Additional Guidance on the Disclosure of Material Cybersecurity Incidents in Form 8-K
On June 24, 2024, the Division of Corporation Finance (“Corp Fin”) of the Securities and Exchange Commission (“SEC”) issued five new Compliance and Disclosure Interpretations (“C&DIs”) related to the disclosure of “material” cybersecurity incidents in Item 1.05 of Form 8-Ks. The C&DIs present hypothetical fact patterns related to ransomware attacks and insurance reimbursement for damages […]
SEC Settlement Suggests the Agency’s Attempt to Regulate Cybersecurity Controls
On June 18, 2024, the SEC announced a $2.125 million settlement with R.R. Donnelley & Sons Co. (“RRD”) related to the company’s 2021 ransomware attack (the “Incident”). The settlement, and the SEC’s accompanying cease-and-desist order (the “Order”), portend the agency’s continued and increasing oversight over registrants’ cybersecurity policies and practices. Background RRD is a global […]