On November 8, 2021, the U.S. Department of the Treasury (“Treasury”) announced a new set of sanctions against criminal ransomware actors, the virtual currency exchange Chatex, and three companies providing material support and assistance to Chatex. By designating these entities, which have direct ties with the previously sanctioned SUEX OTC, S.R.O. (“SUEX”), Treasury is suggesting that it will continue to use…

On November 2, members of our Data Security & Strategy and White Collar & Regulatory Defense teams hosted a webcast on the SEC’s Cybersecurity Year in Review 2021. The panelists, Julie Riewe, Christopher Ford, and HJ Brehmer discussed regulatory trends regarding enforcement actions, disclosures, and proposed rulemaking, with a particular focus on notable enforcement actions from the past 12 months.…

Several recent developments have caused companies to review their whistleblower policies and procedures, especially in the areas of cybersecurity and artificial intelligence (“AI”). First, on October 28, 2021, New York State amended its Labor Law to dramatically increase whistleblower protections.  This brings New York in line with a small but growing number of states, including New Jersey, with very broad…

On Wednesday, November 3, 2021, Anna Gressel and Avi Gesser from our Data Strategy and Security Group joined guests Liz Grennan, Doug McElhaney and Alex Singla of McKinsey, for a special installment of our Data Security Webcast on managing AI risks in the insurance sector. While artificial intelligence (AI) helps companies generate value, it also produces a variety of risks and…

This is Part 2 in a two-part series of articles about facial recognition laws in the United States.  In Part 1, we discussed how current legislation addresses facial recognition. In this part, we assess where the law seems to be heading and offer some practical risk reduction strategies. I. Proposed U.S. Federal and State Legislation There is currently no federal…

Debevoise’s Data Strategy & Security practice has launched its Debevoise Data Portal. The Portal, which had been in beta testing since June 2020 with a select group of users, is now available for subscription. The Portal consists of a groundbreaking suite of tools that helps clients address business critical data security issues: The Cyber Breach Notification Assessment Tool: Allows subscribers…

On November 2, 2021, Julie Riewe of Debevoise’s White Collar & Regulatory Defense Group and Christopher Ford and HJ Brehmer of Debevoise’s Data Strategy & Security Group hosted an engaging webcast on the Securities and Exchange Commission’s enforcement actions, guidance, and proposed rule-making in 2021.  Topics included: The SEC’s proposed cybersecurity disclosure and reporting requirements; Key takeaways from the SEC’s…

Part 1: The Current Patchwork Two huge crosscurrents are sweeping the world of facial recognition—and moving head-on into each other. Companies are eagerly adopting facial recognition tools to better serve their customers, reduce their fraud risks, and manage their workforces. Meanwhile, legislatures and privacy advocates are pushing back hard. They challenge facial recognition as inherently overreaching, invasive of privacy, and…

On October 13, the annual Securities and Exchange Commission Speaks seminar concluded with presentations from the Examination, Enforcement, and Investment Management divisions. As SEC regulated entities (including publicly traded companies, investment advisers, and broker-dealers) look to 2022, they should keep the following key cybersecurity takeaways in mind: Continued Focus on Corporate Governance. The Associate Director of the Division of Examination’s…

On September 7, 2021, the Board of the International Organization of Securities Commissions (“IOSCO”) issued a final report entitled “The Use of Artificial Intelligence and Machine Learning by Market Intermediaries and Asset Managers” (the “Report”), which aims to assist IOSCO members in supervising their regulated entities over the use of AI and ML. While non-binding, the Report is likely to…