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Glenn A. Brown

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After much anticipation, the Securities and Exchange Commission (the “Commission”) has adopted Regulations (the “Regulations”) regarding public companies’ obligations to include disclosure in annual reports on Form 10-K (Form 20-F for foreign issuers) regarding material cybersecurity risks, risk management and governance, and to file current reports on Form 8-K (for 6-K for foreign issuers) to report material cybersecurity incidents. The Commission adopted many of the reporting requirements proposed in the March 2022 draft of the Regulations and discussed in our prior blog post. Notably, the obligation to disclose information regarding the Board of Directors’ cybersecurity expertise was eliminated from the final Regulations based on feedback from commentors who objected to this requirement. In the coming days, we will publish a thorough article regarding public companies’ new reporting obligations, but in this post we briefly summarize the new requirements adopted.…

Continue Reading SEC Adopts Final Cybersecurity Risk Management and Incident Disclosure Regulations

As we reported in a previous blog post, the New York Department of Financial Services (“NYDFS”) proposed a raft of amendments to its landmark Cybersecurity Regulations (the “Regulations”) in 2022 (the “2022 Proposed Amendment”), adding substantial complexity to covered entities’ compliance obligations. Now, less than a year later, the NYDFS has published a proposed revised draft of the 2022 Proposed Amendment (as revised, the “2023 Proposed Amendment”). While not as extensive as the 2022 Proposed Amendment, the 2023 Proposed Amendment will nevertheless have a significant impact on how your organization complies with the Regulations.…

Continue Reading NYDFS Revises Its Proposed Amendments to Cybersecurity Regulations

Earlier this month, the Consumer Financial Protection Bureau (the “CFPB”) announced that it had issued a request for information (“RFI”) seeking public comment on “companies that track and collect information on people’s personal lives. In issuing this new Request for Information, the CFPB wants to understand the full scope and breadth of data brokers and their business practices, their impact on the daily lives of consumers, and whether they are all playing by the same rules.”  The deadline for submitting comments in response to the RFI is June 13, 2023.
Continue Reading CFPB Issues Request for Information to Determine Data Brokers’ Compliance with FCRA

Last week, on March 15, 2023, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) continued its aggressive push to regulate the cybersecurity of entities in the financial services sector, proposing three rules affecting a variety of SEC-regulated entities, including broker-dealers, investment companies, and investment advisers, as we covered here on Privacy World.  These…

Earlier this month, the Consumer Financial Protection Bureau (the “CFPB”) and Federal Trade Commission (the “FTC”) announced that they had issued a request for information (“RFI”) seeking public comment on “background screening issues affecting individuals who seek rental housing in the United States, including how the use of criminal and eviction records and algorithms affect tenant screening decisions and may be driving discriminatory outcomes.”  The deadline for submitting comments in response to the RFI is May 30, 2023.
Continue Reading CFPB and FTC to Scrutinize Tenant Screening Practices

On August 24, 2022, California Attorney General Rob Bonta issued a press release announcing the first public settlement by the Office of the Attorney General (OAG) involving alleged violations of the CCPA. The settlement involves a judicial judgment, civil penalties and ongoing monitoring and reporting. The use of noncompliance letters to cajole companies into compliance over many months now appears to be a closed chapter in the CCPA saga. Season 2 promises more drama, more action and more money. Entertaining unless you are the next target!
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Continue Reading The Cookie Crumbles – Lessons from First California Consumer Privacy Act (CCPA) Monetary Settlement

The New York Department of Financial Services (“NYDFS”) recently posted a request for public comment on a set of proposed amendments to NYDFS’ current “Cybersecurity Requirements for Financial Services Companies” (“Regulations”).[1] The amendments to the Regulations (“Pre-Proposal Amendments”) are in the “pre-proposal” phase, meaning that the NYDFS will issue official proposed amendments in the near future. Once official proposed amendments are issued, a 60-day public comment period starts, which means that amended Regulations likely will take effect sometime in 2023. In the meantime, entities subject to the Regulations should review the Pre-Proposal Amendments to help ensure sufficient time and resources to implement new requirements.

As background, the Regulations became effective on March 1, 2017, but followed a phased implementation process. The Regulations apply to all entities licensed by the NYDFS (“covered entities”), including banks, insurance companies, money transmitters and other financial services firms doing business in New York. The last phase of the Regulations was implemented in March 2019, at which point the Regulations were fully effective.…

Continue Reading The NYDFS Proposes Substantial Amendments to Cyber Regulations

For years now, California has led the way by setting the standard for privacy and data protection regulation in the United States. Recently— and as calls for greater controls over the addictive nature of social media grow louder—legislators in the Golden State have moved closer toward enacting a new, first-of-its-kind privacy law that would prohibit the development and utilization of “addictive” features by social media platforms. At the same time, state legislators also advanced a second bill that would put in place stringent online privacy protections for minors.

Businesses should monitor the progress of these bills closely, as their enactment—combined with an increased focus on children’s privacy by both federal lawmakers and the Federal Trade Commission (“FTC”)—may have a ripple effect in other states and municipalities, with legislators following close behind to enact similar children’s online privacy laws.…

Continue Reading California Moves Closer to Enacting More Stringent Online Privacy Protections for Children

Connecticut is gearing up to be the next state with a comprehensive privacy law. On April 28, 2022, the Connecticut General Assembly passed SB 6, “An Act Concerning Personal Data Privacy and Online Monitoring,” which is currently with the governor awaiting signature.  Of the state laws that have passed, SB 6 is most similar to the Colorado Privacy Act (“CPA”), Virginia Consumer Data Protection Act (“CDPA”), and Utah Consumer Privacy Act (“UCPA”). For example, under SB 6, the terms “controller,” “processor,” and “personal data” have similar definitions as under the CPA, CDPA, and UCPA.
Continue Reading Connecticut General Assembly Passes Comprehensive Privacy Bill

The Virginia legislature has introduced several bills that would amend Virginia’s Consumer Data Protection Act (“CDPA”) that was enacted last year. These bills are largely in response to the November 1, 2021 Virginia Consumer Data Protection Act Work Group report (the “Report”), which outlined 17 “points of emphasis” related to the CDPA. The Report includes…