On April 22, 2024 from 11:00 am – 12:00 pm (EDT), Luke Dembosky, Erez Liebermann, HJ Brehmer, and Stephanie Thomas from our Data Strategy and Security Group will host the next installment of our Data Security Webcast, where we will delve into the Cybersecurity and Infrastructure Security Agency (“CISA”) notice of proposed rulemaking (“Proposed Rule”) for reporting requirements for critical…

Adding to the growing number of cybersecurity incident reporting obligations, the Cybersecurity and Infrastructure Security Agency (“CISA”) has introduced a reporting requirement that will impact all critical infrastructure sectors, featuring highly detailed reporting duties that necessarily will require covered entities to maintain asset inventories, along with subpoena power and criminal enforcement authority. Back in March 2022, President Biden signed the…

Many public companies are starting to face increased risks of securities class action litigation based on statements about their use of AI that are alleged to have been false or misleading.  We have previously written about the legal risks that companies face if they oversell the capabilities of their AI systems, which is known as “AI washing.” In particular, the…

On December 18, 2023, the Securities and Exchange Commission’s (the “SEC”) rule requiring disclosure of material cybersecurity incidents became effective. To date, 11 companies have reported a cybersecurity incident under the new Item 1.05 of Form 8-K (“Item 1.05”).[1]  After the first 100 days of mandatory cybersecurity incident reporting, we examine the early results of the SEC’s new disclosure requirement.…

On March 18, 2024, the U.S. Securities and Exchange Commission (“SEC”) announced settled charges against two investment advisers, Delphia (USA) Inc. (“Delphia”) and Global Predictions Inc. (“Global Predictions”) for making false and misleading statements about their alleged use of artificial intelligence (“AI”) in connection with providing investment advice.  These settlements are the SEC’s first-ever cases charging violations of the antifraud…

On February 26, 2024, the National Institute of Standards and Technology (“NIST”) announced the release of Version 2.0 of the Cybersecurity Framework (“Version 2.0” or the “Framework”). We previously wrote about proposed changes to the Framework, which has become an important industry standard for assessing cybersecurity maturity of organizations and managing cybersecurity risk. Version 2.0’s enhanced guidance, and particularly its…

On March 15, 2024 from 11:00 am – 12:00 pm (EDT), Erez Liebermann, Caroline Swett, Robert Maddox, and Stephanie Thomas from our Data Strategy and Security and Banking Groups will host the next installment of our Data Security Webcast, where we will delve into the Commodity Futures Trading Commission’s (“CFTC”) notice of proposed rulemaking for an operational resilience framework for…

In July, we previewed the new rules adopted by the Securities and Exchange Commission (“SEC”) for Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure. Under these rules, Item 1.05 of Form 8-K requires U.S. public companies to disclose material cybersecurity incidents. We have been tracking Form 8-K filings under the new SEC requirements since the rules went into effect on…

On February 28, 2024, President Biden issued an Executive Order (the “Order”) designed to protect the “sensitive personal data” of Americans from “exploitation” by “countries of concern” or related “covered persons.” Concurrently, the Department of Justice (“DOJ”) released an Advance Notice of Proposed Rulemaking (“Advance Notice”), detailing potential definitions for key terms not defined in the Order, discussing the potential…

Key takeaways from January include: Transparency about data processing and retention: In a reminder of the importance of transparency under the GDPR, and the need for companies to make their data subject access request processes easy to navigate, the Dutch data protection authority fined Uber €10 million for, amongst other failings: (i) not specifying to drivers how long it retained…