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Data Breach Lawsuit Survives Motion to Dismiss
In an April 13, 2017 decision in Walters v. Kimpton Hotel , 1 a California federal judge rejected the bid of hotel chain Kimpton Hotel and Restaurant Group, LLC to dismiss a proposed class action arising from a data breach...
Tech Rally – Industry Giants Back Google's Play to Protect Data
On March 10, 2017, Google Inc. filed its objection to a Pennsylvania magistrate judge's order to comply with search warrants and turn over personal user data partially stored on foreign servers abroad. A number of technology companies, including Yahoo!, Microsoft...
New York DFS Finalized Cybersecurity Regulations Go Into Effect March 1, 2017
On February 16, 2017, the New York State Department of Financial Services (DFS) announced the final version of the “first-of-its-kind” cybersecurity regulations governing financial institutions, insurance companies, and other DFS-regulated entities. The regulations will become effective March 1, 2017, with...
To Obtain Data Abroad, Government Just Googles It
As technology companies expand globally they increasingly are storing customer electronic data in servers outside the United States. To keep apace, the Justice Department has become more creative in adapting existing legal instruments and more persistent in advancing arguments to...
Federal Regulators Unveil Proposed Cybersecurity Standards for Large Financial Firms
On October 19, 2016, federal regulators issued an Advance Notice of Proposed Rulemaking titled “Enhanced Cyber Risk Management Standards.” 1 The draft standards, jointly released by the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller...
SEC Announces First Cybersecurity Enforcement Action Against an Investment Adviser for Failure to Protect Client Data
On September 22, 2015, the Securities and Exchange Commission (SEC) announced its first cybersecurity-related enforcement action against an investment adviser for failure to protect customer records and information. According to the settlement, R.T. Jones Capital Equities Management, Inc. (R.T. Jones)...
SEC: 2015 Examination Priorities – Cybersecurity Compliance and Controls
Registered broker-dealers and investment advisers received a stern warning to strengthen their cybersecurity programs or face further regulatory scrutiny. On September 15, 2015, the SEC announced a plan to sharpen its focus on securities firms’ cybersecurity programs through the National...
SEC Issues New Guidance on Cybersecurity for Investment Companies and Investment Advisors
On April 28, 2015, the SEC's Division of Investment Management released a Guidance Update providing cybersecurity guidance for investment companies and investment advisors (firms). 1 The SEC has prioritized cybersecurity as a critical issue for such firms, especially for those...
Justice Department Provides Cybersecurity Guidance
To listen to the podcast, please click here . In late April, the Department of Justice’s Cybersecurity Unit provided a set of voluntary best practices for companies faced with the prospect of data breaches. The DOJ’s best practices were expressly...
Lessons For Corporate Directors From The Wyndham Data Breach Derivative Action
To listen to the podcast, please click here . On October 20, 2014, Wyndham Worldwide Corporation won dismissal of a shareholder derivative suit seeking damages arising out of three data breaches that occurred between 2008 and 2010. Dennis Palkon, et...
Consequences of a Data Breach: Lessons from Wyndham Worldwide
On October 20, 2014, Wyndham Worldwide Corporation won dismissal of a shareholder derivative suit seeking damages arising out of three data breaches that occurred between 2008 and 2010. Dennis Palkon, et al. v. Stephen P. Holmes, et al. , Case...
U.S. Supreme Court: Police Must Obtain Warrant Before Searching Cell Phones
In a decision that changes the way law enforcement officers collect electronic information, the U.S. Supreme Court ruled in Riley v. California , 573 U.S. ___ (2014), that officers may not search a cell phone incident to a lawful arrest...
Protecting Yourself Against Data Breach: Don't Be a Target
To listen to the podcast, please click here . On May 5, 2014, Target Corporation Chief Executive Officer Gregg Steinhafel resigned after having been with the company for 35 years, another casualty of the massive data breach that continues to...