The Board of Directors’ Duty of Oversight and Cybersecurity

By Eduardo Gallardo October 28, 2021 by renholding

Over the last several years, cyberattacks, including from foreign state actors, have affected thousands of companies and government agencies. Past corporate victims include Yahoo!, Home Depot, and LinkedIn. And the real world consequences of a cyberattack became vivid to the …

Emergency Guarantee Authority: A FEMA for Finance

By Stephen G. Cecchetti and Kermit L. Schoenholtz May 15, 2019 by renholding

“[I]t is a question of when, not if, a large-scale attack succeeds.” DTCC and Oliver Wyman, Large-scale Cyber-attacks on the Financial System, March 2018.

“The government cannot credibly commit to a no-bailout policy.” Kathryn Judge, “Guarantor of

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Insider Trading and Disclosure: The Case of Cyberattacks

By Eli Amir, Shai Levi and Tsafrir Livne April 25, 2019 by renholding

The U.S. Securities and Exchange Commission (SEC) recently identified incidents in which top executives sold shares before disclosing to the public negative information about cyberattacks. For example, the former chief information officer of Equifax, Jun Ying, exercised his stock options …

Davis Polk Discusses SEC’s $35 Million Fine for Late Cyberbreach Disclosure

By Avi Gesser, Joseph A. Hall, Lawrence Portnoy, Linda Chatman Thomsen and Richard D. Truesdell, Jr. May 1, 2018 by renholding

On April 24, the Securities and Exchange Commission charged Altaba Inc., formerly Yahoo! Inc., with misleading shareholders by waiting almost two years to disclose its 2014 data breach. Consenting to a cease-and-desist order, Altaba agreed to pay a $35 …

Latham & Watkins Discusses How Healthcare Firms Can Prepare for the Next Cyberattack

By Jennifer C. Archie, Stuart S. Kurlander, Heather B. Deixler, Susan Ambler Ebersole and Elizabeth N. Purcell July 31, 2017 by renholding

On June 2, 2017, in the wake of the widespread cyberattack caused by the WannaCry ransomware cryptoworm, the US Department of Health & Human Services (HHS), Office for Civil Rights (OCR) added to its arsenal of cybersecurity guidance a checklist …

PwC Discusses New York’s Proposed Cybersecurity Rules

By Dan Ryan, Sean Joyce, Joseph Nocera, Jeff Lavine and Didier Lavion September 26, 2016 by renholding

On September 13, 2016, the New York State Department of Financial Services (DFS) proposed a broad set of cybersecurity regulations for banks, insurers, and other financial institutions.[1] The proposal is largely consistent with existing guidance (e.g., under the NIST …

Cahill Gordon discusses Cybersecurity Developments and the Growing Role of Senior Executives and Directors

By David N. Kelley, Brockton B. Bosson and Sarah M. Schoenbach September 22, 2015 by John Knight

From the 2013 Target Corporation breach to this year’s attacks on Primera Blue Cross and American Airlines Group Inc., the issue of cybersecurity has emerged at the forefront of risks to be confronted by corporations across a spectrum of industries.…

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