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Join the Securities Litigation and Enforcement Group on LinkedInThe Cybersecurity 202: Companies are doing a terrible job of reporting cybersecurity risks to investors, a new study says – The Washington Post
Many publicly traded companies are leaving investors in the dark on important cybersecurity risks, a new report suggests. That includes vulnerabilities like the ones that allowed Russian hackers to exploit SolarWinds and other firms to infiltrate nine federal agencies and at least 100 companies. The study’s authors found that many publicly traded companies fail to provide […]
Private Equity and Cybersecurity: A Guide to Preparing for and Responding to a Breach | Proskauer – The Capital Commitment – JDSupra
A cyber breach can have serious legal, financial, and reputational consequences for a fund sponsor, as described in our previous post. As such, cybersecurity threats must be treated as business risks, not just a potential IT problem. Senior management at fund sponsors should take the lead to ensure that the sponsor is taking appropriate actions […]
SEC Awards Booz Allen $113M New Cybersecurity Contract | Business Wire
On December 12, 2019, the Securities and Exchange Commission (SEC) awarded Booz Allen Hamilton (NYSE: BAH) an extensive 10-year contract, totaling $113 million, to deliver modernized cyber defense operations support. With this new contract, Booz Allen will become the SEC’s major provider of cybersecurity services. Booz Allen was selected for its clear understanding of the […]
SEC Announces Nancy Sumption as Senior Advisor to the Chairman for Cybersecurity Policy
The Securities and Exchange Commission today announced that Nancy Sumption will serve as Chairman Jay Clayton’s Senior Advisor for Cybersecurity Policy. In this role, Ms. Sumption will coordinate efforts across the agency to address cybersecurity policy, engage with external stakeholders on matters related to cybersecurity, and help enhance the SEC’s mechanisms for assessing and responding […]
SEC Office of Compliance Inspections and Examinations Publishes Observations on Cybersecurity and Resiliency Practices
The Securities and Exchange Commission Commission’s Office of Compliance Inspections and Examinations (OCIE) today issued examination observations related to cybersecurity and operational resiliency practices taken by market participants. The observations highlight certain approaches taken by market participants in the areas of governance and risk management, access rights and controls, data loss prevention, mobile security, incident response and resiliency, […]
Davis Polk Welcomes SEC Enforcement Partner Robert Cohen in Washington | News | Davis Polk & Wardwell LLP
Davis Polk today announced that Robert Cohen will join the firm as a partner in the Litigation Department in Washington DC. Mr. Cohen will be a member of the firm’s White Collar Criminal Defense and Government Investigations Group, where he will focus on representing companies and boards in regulatory matters and internal investigations. He joins […]
Robert A. Cohen, Cyber Unit Chief, to Leave SEC After 15 Years of Service
The Securities and Exchange Commission today announced that Robert A. Cohen, Chief of the Division of Enforcement’s Cyber Unit, will be leaving the agency in August after 15 years of service. Mr. Cohen is the first Chief of the Cyber Unit, created in 2017. The unit focuses on violations involving digital assets and cryptocurrency, cyber-related trading […]
Kahn Swick seeks witnesses, plaintiffs for potential cybersecurity suit against Duke Energy – Charlotte Business Journal
A Louisiana law firm that specializes in shareholder class-action suits says it is investigating reports that Duke Energy Corp. has agreed to a record $10 million regulatory fine for a raft of cybersecurity violations on its electric grid. New Orleans-based Kahn Swick & Foti says the “investigation is focusing on whether Duke’s officers and/or directors […]
SEC Investigative Report: Public Companies Should Consider Cyber Threats When Implementing Internal Accounting Controls
The Securities and Exchange Commission today issued an investigative report cautioning that public companies should consider cyber threats when implementing internal accounting controls. The report is based on the SEC Enforcement Division’s investigations of nine public companies that fell victim to cyber fraud, losing millions of dollars in the process. via SEC.gov | SEC Investigative […]
SEC Does Not ‘Dictate’ Cyber Controls, Cyber Chief Says | ThinkAdvisor
Speaking on a panel at the North American Securities Administrators Association’s cyber roundtable in Washington, Cohen stated that it’s not the “SEC’s approach to dictate specific [cyber] controls” on regulated entities. “I don’t know that that’s the most effective way to ensure compliance. We do more, especially for the financial industry, through exams, to see […]