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Cybersecurity

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Trillions of dollars are spent on M&A each year, yet reports suggest that less than 10% of deals integrate cybersecurity into the due diligence process.1 Despite the FBI and private watch dog groups raising multiple warning flags about ransomware groups hitting more and more companies in the middle of significant transactions like M&A, and despite increased focus from the FTC and the SEC on data security failures as legitimate reasons for shareholder and government enforcement…

Following President Xi Jinping’s announcement that China would seek to join the newly-created Digital Economy Partnership Agreement (“DEPA”) at the 2021 G20 Summit in Rome, China’s Ministry of Commerce (“MOFCOM”) formally applied for China to join the agreement on November 1, 2021. The DEPA, which is described as the first trade agreement to target the digital economy, has been entered into by New Zealand, Singapore, and Chile. It contains 16 articles covering provisions on facilitating…

On June 14, 2022, Baker McKenzie held its inaugural Cybersecurity Symposium in New York in conjunction with the Association of Corporate Counsel (ACC). It was a thought-provoking day discussing trends and fresh insights from key players in the government and private sector, the ever-changing regulatory landscape, best practices for cyber-readiness and practical advice to manage cyber-threats, data breach response, insurance and related litigation. The following video provides valuable information and key-takeaways in connection with cybersecurity…

On June 14, 2022, Baker McKenzie held its inaugural Cybersecurity Symposium in New York in conjunction with the Association of Corporate Counsel (ACC). It was a thought-provoking day discussing trends and fresh insights from key players in the government and private sector, the ever-changing regulatory landscape, best practices for cyber-readiness and practical advice to manage cyber-threats, data breach response, insurance and related litigation. The following video provides valuable information and key-takeaways in connection with cybersecurity…

In this episode, Brian Hengesbaugh, Global Chair of Data Privacy and Security, is joined by Stephen Reynolds, partner in Chicago, as they discuss the Strengthening American Cybersecurity Act, a law recently signed by President Biden, which requires key businesses to report certain ransomware incidents to the Cybersecurity and Infrastructure Security Agency (CISA). Listen in to hear about: An overview of the new law, including key elements such as mandatory reporting requirements, timelines and which “critical…

After years of legislative debate, Congress passed a new law requiring key businesses to report certain data breaches—or “covered incidents”—to the government. Signed by President Biden on March 15, 2022, the law, part of the Strengthening American Cybersecurity Act, requires companies that operate critical infrastructure—financial institutions, utilities, and other organizations—to share information with the Cybersecurity and Infrastructure Security Agency (CISA) about certain cybersecurity incidents within 72 hours and ransomware payments to cyber criminals within 24…

In brief On March 9, 2022, the U.S. Securities and Exchange Commission (“SEC”) proposed amendments to its rules on disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies. These rules are intended to enhance and standardize cybersecurity disclosures, and, if adopted in their current form, would require public companies to disclose cybersecurity-related policies, procedures and all material cybersecurity incidents. Key takeaways On March 9, 2022, the SEC proposed new disclosure requirements…