On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued an updated advisory (the “Advisory”) on sanctions risks associated with payments to threat actors in connection with cyber ransoms. The Advisory reminds companies that all parties associated with the payment of a cyber ransom—including victims, financial institutions, insurance firms, and other companies facilitating…
As part of our ongoing series on enforcement actions by the Securities and Exchange Commission (“SEC”) in data- and cybersecurity-related matters (here, here, and here), we have been closely tracking regulatory developments and gathering insights on enforcement trends. Last week, the SEC announced that App Annie and its former CEO and Chairman, Bertrand Schmitt, (“App Annie”) had agreed to a…
Last week, the California Privacy Protection Agency (the “Agency”) invited public comment on its preliminary rulemaking. As previously discussed, the California Privacy Rights Act (“CPRA”) established the Agency and tasked it with adopting additional implementing regulations and enforcing the California Consumer Privacy Act (“CCPA”). The CPRA, approved by California voters in 2020, does not take full effect until January 1,…
Key takeaways from developments this August include: Indications of what the UK’s post-Brexit data transfer arrangements might look like – companies transferring data from the UK will want to follow the Information Commissioner’s Office (“ICO”) consultation carefully; Welcome news for companies defending data breach claims in the UK following a court decision which significantly narrows the kinds of harm claimants…
On August 30, 2021, the SEC filed settled enforcement actions against three groups of broker-dealers and investment advisers for failing to protect confidential customer information in violation of Rule 30(a) of Regulation S-P (the “Safeguards Rule” or “Rule”). One group of the entities was also found to have violated Section 206(4) of the Advisers Act and Rule 206(4)-7, by allegedly…