The SEC’s Cybersecurity Enforcement Action: Rulemaking by Enforcement
Posted on Oct 1, 2015 in Uncategorized | Comments Off on The SEC’s Cybersecurity Enforcement Action: Rulemaking by Enforcement
The Securities and Exchange Commission recently brought an enforcement action against an investment adviser that, like a large number of companies, was the victim of a cyberattack. Although the SEC did not allege that any of the firm’s clients suffered harm, the Commission nonetheless sanctioned the firm for its allegedly unreasonable policies and procedures. In their article for...
SEC Charges Investment Adviser with Failure to Adopt Required Cybersecurity Policies Prior to Breach
Posted on Sep 25, 2015 in Uncategorized | Comments Off on SEC Charges Investment Adviser with Failure to Adopt Required Cybersecurity Policies Prior to Breach
On September 22, the Securities and Exchange Commission (SEC) announced that it had entered into a settlement order with R.T. Jones Capital Equities Management, Inc., a St. Louis-based SEC registered investment adviser, for failure to establish required cybersecurity policies and procedures in advance of a breach. As a result of the firm’s failure to adopt reasonable cybersecurity...
They’re Baaaack . . . SECs Office of Compliance Inspections and Examinations Releases New Cybersecurity Risk Alert
Posted on Sep 16, 2015 in Financial Services | Comments Off on They’re Baaaack . . . SECs Office of Compliance Inspections and Examinations Releases New Cybersecurity Risk Alert
Yesterday, the U.S. Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert describing OCIE’s 2015 cybersecurity exam initiative. [link to www.sec.gov/ocie/announcement/ocie-2015-cybersecurity-examination-initiative.pdf]. As the Risk Alert notes, OCIE’s new cybersecurity initiative builds on information OCIE learned from...
These Shoes Weren’t Made for Walking (and They Aren’t Too Good for Standing Either): Court Dismisses Post-Breach Case Against Zappos for Lack of Standing
Posted on Jun 8, 2015 in Uncategorized | Comments Off on These Shoes Weren’t Made for Walking (and They Aren’t Too Good for Standing Either): Court Dismisses Post-Breach Case Against Zappos for Lack of Standing
Last week yet another federal district court dismissed a post-data breach class action after concluding that the plaintiffs had not alleged any actual or imminent harm and, consequently, did not have standing to proceed. In re Zappos.com, Inc. Customer Data Security Breach Litig. MDL No. 2357, 12-cv-325 (D. Nev. June 1, 2015), arose out of a 2012 breach of Zappos’ servers, which...
FBI Makes Broker-dealers an Offer They Can’t Refuse: Talk to Us About Cybersecurity
Posted on Jun 3, 2015 in Uncategorized | Comments Off on FBI Makes Broker-dealers an Offer They Can’t Refuse: Talk to Us About Cybersecurity
Speaking last week at FINRA’s annual conference in Washington, D.C., Donald Good, Assistant Director of the FBI’s Cyber Division, discussed steps the FBI is taking to help members of the securities industry deal with cyber-threats, as well as steps the FBI hopes firms will take in response. For example, as the Department of Justice recently suggested, Good urged members of...
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