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Shea Leitch

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

2023 has swiftly become the year of the U.S. National Cybersecurity Strategy.  On March 2, 2023, the Biden Administration issued its National Cybersecurity Strategy brief, outlining its vision to: (1) defend critical infrastructure; (2) disrupt and dismantle threat actors; (3) shape market forces to drive security and resilience; (4) invest in a resilient future; and (5) forge international partnerships to pursue shared goals. In furtherance of the goal to defend critical infrastructure, the U.S. Cybersecurity and Infrastructure Security Agency (CISA) released “Shifting the Balance of Cybersecurity Risk: Principles and Approaches for Security-by-Design and -Default” (the “Report”), on April 13.

Calling the current state of technology “vulnerable by design,” the Report aims to encourage technology manufacturers to integrate security into their products from the ground up, factoring security into product development beginning at the design phase.  In addition to the CISA, several American security agencies (the National Security Agency and Federal Bureau of Investigation) and international cybersecurity agencies (from Australia, Canada, the United Kingdom, Germany, the Netherlands, and New Zealand) collaborated to provide a unified recommended approach to the development of both software and hardware.  Below, we break down what the Report means for the tech sector.

Continue Reading New CISA Guidelines Lay Out Unified International Principles on Security-by-Design and Security-by-Default

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

Privacy World has been talking about the importance of data inventories for years. Why? Because it is next to impossible to build a compliant privacy and data security program without first doing a data inventory. A data inventory will serve as a roadmap to help a company meet various privacy and security compliance milestones. Yet, completing a data inventory is one of the hardest and most daunting parts to building a privacy program. At least it was for Katy when she was in-house as a Global Data Protection Officer. The alternative to proactively creating a data inventory is trying to hastily create one during the middle of an incident response or responding to a regulatory demand, which Katy and Shea have seen numerous times helping clients during a crisis. Indeed, building a data inventory during a time of turmoil is the worst time to confirm a company’s data processing practices, and we want to help you avoid this worst-case scenario as you work to build out your 2023 privacy and data security compliance action plan.
Continue Reading Kick Start Your Data Inventory Project in 7-Steps

This blog post is a bonus supplement to our quarterly Artificial Intelligence and Biometric Privacy Quarterly Review Newsletter. Be on the lookout for our Q3 Newsletter!

We are quickly approaching the Jan. 1, 2023 operative date of most of the provisions of the California Privacy Rights Act (“CPRA), which, as most of us know by now, substantially amends the CCPA. Under the CPRA, the California Privacy Protection Agency (“CPPA” or “Agency”) has a mandate to issue regulations on a number of specific topics. With just fewer than three months to go until January 1, regulations are not even close to being finalized.  The Agency released the first draft of proposed regulations on May 24, and the first public comment period ended on August 23. In a meeting held by the CPPA on Friday, September 23, the Agency gave no concrete sense of timing or any comments on topics, such as those discussed in this post, for which regulations have not even been issued. This has left many businesses feeling left in the lurch, uncertain of what to do.
Continue Reading Profiling and Automated Decision-Making: How to Prepare in the Absence of Draft CPRA Regulations

Earlier today, President Biden issued the Executive Order that is expected to lay the groundwork for the replacement for Privacy Shield.   

Key Takeaway 

President Biden issued an Executive Order to help pave the way for a new mechanism to transfer personal data subject to EU data protection law from the EU to the US. Whether and when the new mechanism will be available for US businesses remains to be seen.

Continue Reading Biden Administration Issues Executive Order for Privacy Shield Replacement

Shea Leitch (Of Counsel, Washington, DC) and Kyle Dull (Senior Associate, New York/Miami) will speak on Friday, September 16, at the Association of Corporate Counsel (ACC) South Florida Chapter’s 12th Annual CLE Conference, “Casino Royale: Accepting the In-House Mission.” Shea and Kyle’s aptly named panel, “For Your Eyes Only: Dealing with Security Risks, New

On August 1, the New York State Department of Financial Services (“NYDFS” or “DFS”) announced a Consent Order  and $30 million fine against Robinhood Crypto, LLC (“RHC”), the wholly-owned cryptocurrency trading unit of the popular investing app by Robinhood Financial LLC. In the Order, NYDFS alleges RHC failed to comply with NYDFS rules pertaining to

Earlier this week, the leaderships of the House Energy and Commerce Committee formally introduced the American Data Privacy and Protection Act (HB 8152). The legislation is being marked up today in the Subcommittee on Consumer Protection and Commerce of the House Committee on Energy and Commerce. The legislation likely will be slated for full committee