Cybersecurity

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On July 26, 2023, the Securities and Exchange Commission (the “SEC”) voted 3–2 to adopt rules requiring public companies to disclose material cybersecurity incidents as well as information regarding their cybersecurity risk management, strategy, and governance (the “Cybersecurity Disclosure Rules” or “Final Rules”).1 The Final Rules require disclosure of “material cybersecurity incidents”. The disclosure must be made within four business days from the date on which a cybersecurity incident is determined to be “material” as opposed to four business days from the date on which the occurrence of an incident is discovered; although, that distinction may be difficult to implement in practice. Covered entities, which include all issuers that file annual reports on Form 10-K or Form 20-F, should promptly review their cybersecurity protocols and procedures to address further required disclosure items.2…

Continue Reading SEC Adopts Final Rules on Public Company Cybersecurity Disclosures

Ropes & Gray, in partnership with Mass Insight Global Partnerships, hosts and presents the Data Insights webinar series. This series focuses on bringing together business people, academics and researchers, and government policy makers to discuss issues associated with the collection and use of data to address significant problems across a broad range of contexts. The…

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…

Introduction

Throughout 2022, cybersecurity lawyers have kept their eyes firmly fixed on two pieces of EU cybersecurity legislation: the NIS2 Directive (“NIS2”) and the Cyber Resilience Act (the “CRA”). With NIS2 having been formally enacted by the EU and the draft text of the CRA being published by the European Commission in September 2022, businesses should take time in 2023 to digest the implications of NIS2 and the CRA on their cybersecurity compliance programmes, both in terms of organisational measures and product compliance.…

Continue Reading 2023 – A Year for Reflection on EU Cybersecurity

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 &…

2023 will bring with it updates and reforms in relation to data protection and cybersecurity in the UK. The proposed changes are expected to place tighter restrictions on digital content; increase protection around the internet of things and connected products; and, to the delight of some, lighten compliance burdens with respect to personal data. A few highlights to watch out for are set out below:…

Continue Reading Incoming Privacy and Cybersecurity Developments in the UK

On November 9, 2022, the New York Department of Financial Services (“NYDFS”) announced proposed amendments to its Part 500 Cybersecurity Rules (“Proposed Amendments”), revising an initial set of draft amendments released in July 2022. While NYDFS may have relatively limited jurisdiction, its emphasis on rapid breach reporting and data governance have had considerable influence on other U.S. financial services regulators. The current Cybersecurity Rules impose a 72-hour reporting requirement for cybersecurity events, and the Proposed Amendments go farther, creating an additional 24-hour notification obligation in the event a ransomware payment is made. Additionally, the Proposed Amendments create new requirements for larger “Class A” companies, including a risk assessment by an external expert every three years and an independent audit of cybersecurity programs annually.…

Continue Reading NYDFS Proposes Significant Amendments to its Cybersecurity Rules

As smartphone capabilities and the ubiquity of their usage increases, an increasing number of functions that were previously performed by standalone devices have now moved into the app ecosystem – but doing so raises the risks of personal data misuse, and consequently regulatory scrutiny under data privacy laws. Recent advice and comments provided by EU data protection regulators regarding Qatar FIFA World Cup apps highlight this risk.…

Continue Reading EU Regulators’ Comments on World Cup Apps Highlight Data Protection Risks