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SEC Updates Guidance on Cybersecurity

Emphasizing the critical importance of cybersecurity to registered investment companies (RICs), including insurance separate accounts and business development companies, and to investment advisers, the SEC’s Division of Investment Management issued new Cybersecurity Guidance on April 28, 2015. As RICs and advisers become ever more dependent on information technology to conduct their...

Managing a Cyberattack: An Interactive Simulation at the ACC Advanced Compliance Education Summit

It is 3:00 in the morning and your children are safe in bed, but the phone is ringing at the FBI! Sutherland’s Mark Thibodeaux; Cyndi Baily, Chief Compliance Officer at Alere Toxicology; Sarah Sandstorm, Contracts Counsel at KBM Group; and Special Agent Corey Harris from the FBI presented an interactive simulation of a cyber-attack at the ACC’s Advanced Compliance Education Summit...

Cybersecurity Sanctions: 5 Questions To Consider

There is no shortage of opinions on Executive Order 13694 issued by the president on April 1, 2015, which created a new sanctions regime designed to combat cyberattack threats. While some commentators have expressed concern about the potential for its broad application, others contend that the executive order is sufficiently targeted and limited in scope. Although it is too early to...

Cyberthreat Data Sharing Legislation Advances

The House on April 22 passed legislation granting liability protections to U.S. companies that share cyberthreat information with each other and the federal government. The Protecting Cyber Networks Act (H.R. 1560) would allow companies to voluntarily share information on cyberthreat indicators and defensive measures while requiring them to remove any personal data before providing the...

NAIC Update – Spring 2015

The National Association of Insurance Commissioners (NAIC) held its first national meeting for 2015 in Phoenix, Arizona, from March 26 through March 31. Noteworthy new initiatives include cybersecurity, price optimization and the development of a model law for unclaimed life insurance benefits. Other important topics we follow that continue to receive regulatory attention are life...

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