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 […]
Cybersecurity
President Biden Issues Executive Order Directing Coordinated Federal Approach to Digital Assets
As a result of the rise in digital assets, President Biden signed an Executive Order on March 9, 2022 ordering a review of the nation’s approach to cryptocurrency. The Executive Order on Ensuring Responsible Development of Digital Assets (the “Order”) contains both broad policy objectives and specific analysis to be conducted by the federal government. […]
Senate Passes Significant Cyber Bill Requiring Cyber Incident Reporting
The Strengthening American Cybersecurity Act of 2022, a bill that narrowly failed to become law last year, was passed in the Senate on Tuesday, March 1 as a package of cybersecurity measures that would require operators of critical infrastructure and federal civilian agencies to report cyber incidents to the Department of Homeland Security’s Cybersecurity and […]
Incomplete Cybersecurity Compliance Disclosures May Support Fraud Claim Under the False Claims Act, Federal Court Holds
At the heels of a recent Civil Cyber-Fraud Initiative related to cybersecurity practices and the False Claims Act (FCA), a cybersecurity-related FCA case has survived a motion for summary judgment, teeing up a trial to determine if the defendants’ cybersecurity compliance disclosures were materially incomplete and if any misstatements were knowingly made. On February 1, […]
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, […]