Litigation and legal developments concerning data breaches.
On May 21, 2024, the U.S. Securities and Exchange Commission (“SEC”) published interpretive guidance on reporting material cybersecurity incidents under Form 8-K. Lawyers at Hunton Andrews Kurth comment: Since December 18, 2023, when the SEC’s rules for reporting material cybersecurity incidents under Item 1.05 on Form 8-K took effect, we have identified 17 separate companies that have made disclosures under […]
A press release from the Securities and Exchange Commission (SEC): Washington D.C., May 22, 2024 — The Securities and Exchange Commission today announced that The Intercontinental Exchange, Inc. (ICE) agreed to pay a $10 million penalty to settle charges that it caused the failure of nine wholly-owned subsidiaries, including the New York Stock Exchange, to […]
From the Federal Trade Commission: The Federal Trade Commission has finalized an order against Blackbaud Inc. settling allegations that its lax security practices allowed a hacker to breach the company’s network and access the personal data of millions of consumers including Social Security and bank account numbers. In a complaint first announced in February 2024, the FTC […]
The following is a press release from the Securities and Exchange Commission: Washington D.C., May 16, 2024 — The Securities and Exchange Commission today announced the adoption of amendments to Regulation S-P to modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal information by certain financial institutions. The amendments update the […]
Alleged LockBit Developer Created and Operated Most Prolific Ransomware Variant Under Aliases “LockBit” and “LockBitSupp”; U.S State Department Offers Reward Up to $10M; U.S. Department of Treasury Designates LockBit Administrator for Sanctions The U.S. Justice Department unsealed charges today against a Russian national for his alleged role as the creator, developer, and administrator of the […]
A reminder to carefully vet contractors and to terminate access promptly when their contract ends Wednesday, May 1, 2024. Damian Williams, the United States Attorney for the Southern District of New York, announced today that VINCENT CANNADY was arrested in connection with his scheme to extort a publicly traded information technology infrastructure services provider of […]
Although the Federal Trade Commission (FTC) has the authority to investigate data breaches, some entities they have investigated have pushed back against the regulator. In 2013, FTC filed a complaint against LabMD for allegedly failing to protect consumer’s data. When the government found for itself in a proceeding by an administrative law judge, LabMD sued […]
Victim Falsely Prosecuted and Spent Nearly Two Years in Jail and Mental Hospital A former Iowa hospital administrator who lived under a false identity for more than 30 years and caused the false imprisonment of his victim pled guilty today in federal court in Cedar Rapids, Iowa. Matthew David Keirans, age 58, from Hartland, Wisconsin, […]
A draft of federal cyber incident reporting rules for the Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA) has been posted in the Federal Register. It’s not exactly light reading, weighing in at a whopping 447-page Notice of Proposed Rulemaking. The rules will require critical infrastructure entities to notify the federal government of […]
AI Poses a Threat to Financial Sector, and Cyberattackers are ‘Outpacing’ Defenses – Treasury
Law.com reports that the U.S. Treasury Department warned the financial services sector this week that artificial intelligence (AI) will become a powerful weapon for fraudsters and cyberattackers, who will outgun the sector’s defensive efforts in the foreseeable future. The report was based on interviews with representatives from 42 financial services and technology companies about the […]