Since 2000, technological advances have transformed how customers interact with financial institutions and how such firms store, process and protect personal information. The proliferation of large-scale hacks and data breaches throughout this time simultaneously demonstrated the difficulty of data protection given the ever-evolving nature of cybercrime. Despite these developments, the SEC has failed to update
On March 15, 2023, the SEC issued a release (the “Release”) containing proposed amendments to Regulation S-P (the “Proposals”). These Proposals were published in the Federal Register today, March 21. If adopted, the Proposals would require broker-dealers, registered investment companies (with business development companies, “registered funds”) and investment advisers to adopt written policies and
Blackbeard may not be the first name that comes to mind when considering cybercrime, but prior international efforts to stop stateless rogue actors can point us toward the proper focus for cybersecurity—governments taking responsibility to solve a classic collective action problem by direct action, supporting existing industry defense measures, and leading multilateral cooperation efforts. This
Ropes & Gray data, privacy & cybersecurity practice co-lead Ed McNicholas was recently featured on the R&G Tech Studio podcast, a Ropes & Gray podcast focused on showcasing the interesting and exciting work our attorneys are doing in the world of tech. In the interview, McNicholas sits down with Ed Black, technology, media &
Data, privacy & cybersecurity partner Ed McNicholas and counsel Kevin Angle authored the USA chapter in Cybersecurity Laws and Regulations 2023. The chapter provides an overview of common issues in cybersecurity laws and regulations, including cybercrime, applicable statutes, prevention of cyber-attacks, sector-specific guidance, corporate governance, litigation, insurance, and investigatory and police powers.
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On 7 October 2022, the White House issued an Executive Order, as well as an accompanying Fact Sheet, which sets out the foundations for the Transatlantic Data Privacy Framework (“Framework”).
Since the decision of the Court of Justice of the European Uon (“CJEU”) in the Schrems II case in mid-2020, organizations have not
On April 8, 2022, the U.S. Food and Drug Administration (“FDA”) released a draft guidance document titled “Cybersecurity in Medical Devices: Quality System Considerations and Content of Premarket Submissions.” The draft guidance, if finalized, would replace FDA’s 2014 final guidance document titled, “Content of Premarket Submissions for Management of Cybersecurity in Medical Devices,” adding significant
Data, privacy & cybersecurity partners Ed McNicholas and Fran Faircloth and counsel Kevin Angle authored a chapter in Chambers Global Practice Guide Cybersecurity 2022 on “USA Law & Practice and Trends & Developments.” The chapter provides an overview of cybersecurity regulation in the United States and provides insights on the multitude of cybersecurity
On March 15, 2022, President Biden signed into law significant new federal data breach reporting legislation that could vastly expand data breach notice requirements far beyond regulated entities or entities processing personal data. Unceremoniously tucked as Division Y into the H.R. 2471 Consolidated Appropriations Act, 2022, the Cyber Incident Reporting for Critical Infrastructure Act of
On March 9, 2022, the Securities and Exchange Commission (“SEC”) proposed updates to its disclosure rules intended to “enhance and standardize” public company disclosure regarding cybersecurity risk management, strategy, governance, and incident reporting (the “Proposed Rules”). The Proposed Rules may require issuers to update their disclosure controls and procedures, in particular with respect