Micaela McMurrough and Caleb Skeath of Covington & Burling write: Following up on the recent release by the New York Department of Financial Services (“NYDFS”) of an updated proposed second amendment to its “first-in-the-nation” Cybersecurity Regulation, 23 NYCRR Part 500 (proposed second amendment released June 28, 2023), it is not too late for companies to submit comments…
Category: Legislation
Crooks pwned your servers? You’ve got four days to tell us, SEC tells public companies
Jessica Lyons Hardcastle reports: Public companies that suffer a computer crime likely to cause a “material” hit to an investor will soon face a four-day time limit to disclose the incident, according to rules approved today by the US Securities and Exchange Commission. The SEC proposed the changes last March, and on Wednesday the financial watchdog voted…
Leaking Someone’s Personal Data Will Cost You Up to $2 Million in Pakistan
ProPK reports: A fine which may extend to $2 million or an equivalent amount in Pakistani rupees would be levied on those who process or cause to be processed, disseminate, or disclose personal data in violation of any of the provisions of the “Personal Data Protection Bill, 2023”. The Ministry of Information, Technology and Telecommunication…
In SEC Battle, Covington Ordered to Disclose Names of 7 Clients
Abigail Adcox reports: U.S. District Judge Amit Mehta of the District of Columbia has ruled that Covington & Burling must disclose to the U.S. Securities and Exchange Commission the names of seven clients whose information may have been exposed in a 2020 cyberattack that impacted the firm. “Covington shall produce to the Commission the names…
Company Bought by Experian Needn’t Report Pre-Sale Data Breach
Christopher Brown reports: Court Ventures Inc. properly beat a suit alleging it failed to notify victims of a security breach that it became aware of only after its sale to Experian Data Corp., a California appellate court ruled. Former owners of computerized data containing personal information aren’t required to provide notice of a breach under the…
Attorneys on alert for cybersecurity threats: New York’s new CLE training requirement
John Bandler reports: July 1st was a cybersecurity milestone for every New York attorney who now needs to complete an hour of cybersecurity training before renewing their law license. New York Courts in their role supervising and licensing attorneys recognize the importance of cybersecurity, and the threat of cybercrime. Cybercrime menaces every person and organization…