On March 9, 2022, the SEC proposed new rules (“Proposed Rules”) that would expand cybersecurity disclosures applicable to public companies subject to the reporting requirements of the Securities Exchange Act of 1934 (“Exchange Act”). Existing SEC rules do not explicitly require cybersecurity…
On November 18, 2021, the Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Board”), and the Federal Deposit Insurance Corporation (“FDIC”) (collectively, the “Agencies”) issued a new rule (the “Rule”) that…
As data breaches are on the rise, the old adage rings true: it’s not a question of if, but when. More companies are experiencing crippling breaches and the statistics are alarming: According to IBM Security’s Cost of a Data Breach…
With so much attention being paid to the impending California Consumer Privacy Act, it can be easy to forget that other states have privacy and data security laws too. And those laws change routinely, with potentially significant impacts on businesses. …
Take note GCs: The question is not if you will have to respond to a cybersecurity incident—the question is when. That was the message from speakers and panelists at the Association of Corporate Counsel’s annual meeting this year. Indeed, the…
The House Financial Services Committee this morning rounded out a full week of congressional hearings for former Equifax CEO Richard Smith. Chairman Jeb Hensarling (R-TX) reiterated his earlier calls for national standards for data security and breach notifications. Ranking Member…
Richard Smith, former Chairman and CEO of Equifax, faced his third congressional hearing in two days, appearing this afternoon before the Senate Judiciary Committee’s Privacy, Technology, and the Law Subcommittee to discuss the recently revealed Equifax data breach and efforts…
Former Equifax chief Richard Smith returned to Capitol Hill for a second day of congressional hearings into his company’s data breach, this time appearing before the Senate Banking, Housing, and Urban Affairs Committee. Committee Chairman Mike Crapo (R-ID) characterized the…
The House Committee on Energy and Commerce’s Subcommittee on Digital and Consumer Protection held the first in what will be a series of Congressional hearings on the recently revealed data breach at major credit agency Equifax. Former CEO of Equifax…
A recent federal appellate decision suggests that it might be getting easier for cyberattack plaintiffs to establish standing in a manner sufficient to survive a motion to dismiss. According to the U.S. Court of Appeals for the District of Columbia…
