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Join the Securities Litigation and Enforcement Group on LinkedInCommunicating with the SEC When Your Organization Suffers a Cybersecurity Incident
As it determines the materiality of a cybersecurity incident, an organization must also decide whether to report the incident to the SEC in advance of any public disclosure and whether to cooperate with any ensuing SEC inquiry or investigation. On the one hand, proactive reporting of likely material cybersecurity incidents can build goodwill with the […]
Nov. 30 Webcast: Cyber Risk — Insider Threat and Whistleblower Risk Management
Please join Andrew Pak and Luke Tenery for this webcast.
There Is No “C” in “ESG”: An Illustration of ESG’s Biggest Risk
Cyber security is not the only subject matter that some have added to the universe of ESG (e.g., tax strategy, Russia’s invasion of Ukraine). Nor is it the only one that experts differ on what letter gets assigned (e.g., DE&I, talent). But the various and creative ways in which cyber security can be packaged as […]
Capital One Data Breach-Related Securities Suit Dismissed | The D&O Diary
Readers of this blog know that in recent years, plaintiffs’ lawyers have filed a number of D&O lawsuits against companies that experience cybersecurity-related incidents. Overall, the plaintiffs’ track record on these cases is at best mixed, and a number of high-profile cases have been dismissed. In the latest example of the dismissal of a cybersecurity-related […]
Twitter Hit with Cybersecurity-Related Securities Suit Over Whistleblower Allegations | The D&O Diary
In the midst of its battles with Elon Musk over Musk’s attempt to walk away from his proposed takeover of the company, Twitter was rocked by the news that a whistleblower had sent Congress and federal agencies explosive reports of “major security problems” at the company. According to the news reports, the whistleblower’s disclosure not […]
Lombard Odier Says ‘Shocking’ Cyber Risks Trigger ESG Rethink – Bloomberg
Lombard Odier Investment Managers said the “shocking” results of an analysis into cybersecurity risks lurking in portfolio companies has led it to apply ESG processes far more broadly to protect its funds from losses. The Swiss asset manager is now on a campaign “to push these companies to get their basic cyber hygiene in order,” […]
‘Cyclops Blink’ Shows Why the SEC’s Proposed Cybersecurity Disclosure Rule Could Undermine the Nation’s Cybersecurity – Lawfare
On March 9, the Securities and Exchange Commission (SEC) proposed a new rule intended to enhance and standardize disclosure requirements for cybersecurity risks. Among other things, the rule requires all publicly traded companies to report all “material” cybersecurity incidents within four business days of determining the event’s materiality. But shockingly, this notice requirement does not […]
Cyber Breaches Pose Risk of SEC Enforcement Actions, Derivative Suits to Public Companies | The Legal Intelligencer
Cyberattacks are on the rise and continue to pose a serious threat to public companies across every sector. In 2021, ransomware attacks increased 13%, and over a million phishing attacks were reported in the first quarter of 2022. Not only has the volume of attacks increased, but the attacks themselves also have become more sophisticated, […]
Highlight Reel of SEC’s Efforts to Shape Cybersecurity Policy
2022 is not even halfway over, and the Securities and Exchange Commission (SEC) has already made it a banner year for the SEC’s efforts to shape cybersecurity policy. This alert highlights this year’s cyber developments to date and the SEC’s likely future regulatory efforts in this space. Source: Highlight Reel of SEC’s Efforts to Shape […]
IRA Financial Trust Brings Lawsuit Against Gemini Trust Company Alleging Crypto Exchange Security Failures
IRA Financial Trust (IRA), a leading platform for self-directed retirement and pension accounts, has filed a lawsuit against Gemini Trust Company (Gemini), a cryptocurrency exchange and custodian, following a February 2022 theft of $36 million of crypto assets in Gemini’s custody belonging to customers’ retirement accounts. *** As stated in the complaint, the lawsuit, IRA […]