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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…

In this episode, Brian Hengesbaugh, Global Chair of Data Privacy and Security, is joined by Cy Vance, Global Chair of Cybersecurity based in New York, as they discuss the current cybersecurity threat landscape from a government, enforcement and litigation perspective. Listen in to hear about: Cy’s background as the former Manhattan District Attorney for 12 years, including his experience focusing on cybersecurity issues and building the District Attorney Office’s capability to address emerging threats to…

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…

Commission Seeks Public Comment on Wide Range of Issues in Proposal On February 9, 2022, the Securities and Exchange Commission (SEC or Commission) voted 3-1, with Commissioner Peirce, the lone remaining Republican appointee opposed, to propose new rules under the Investment Advisers Act of 1940 (Advisers Act) and the Investment Company Act of 1940 (Investment Company Act) related to cybersecurity risk management, reporting of breach events, and recordkeeping for registered investment advisers and investment funds.1 If…

A flaw in a widely used software threatens system security and makes companies vulnerable to cyber threats. The Apache Software Foundation released an advisory that Apache Log4j versions up to and including 2.14.1 has a defect that may allow threat actors to execute arbitrary code and deploy viruses including ransomware on that IT infrastructure. Entities that directly or indirectly leverage this software should act with haste to mitigate the risk of a data incident. These…

In this episode of Connect On Tech, your host Brian Hengesbaugh is joined by Stephen Reynolds, data privacy and security partner in our Chicago office, to highlight developing trends surrounding the Log4j security vulnerability. In this episode, you will learn about: Log4j: what it is and why it’s importantWhat organizations should be doing to prepare for and prevent a security eventLegal risks and potential issues associated with this vulnerability https://open.spotify.com/episode/79ufz5Zr1z9MDDrCnbYdEm Want to Learn More?Stay tuned…

As predicted in our Connect on Tech discussion in March, the U.S. Securities and Exchange Commission (“SEC”) is ramping up its examination and enforcement focus on cybersecurity at financial institutions, including scrutiny on actual implementation and deployment of published procedures in response to discovery of cyber breach incidents. Furthermore, the SEC appears to signal its expectation that multi-factor authentication (“MFA”) for email accounts containing sensitive client and customer information should be in place. Email Account…

The Securities and Exchange Commission fined a real estate services company for inadequate disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed hundreds of thousands of sensitive customer records. Background In 2019, a cybersecurity journalist discovered and notified the real estate services company about a vulnerability with its document and images sharing app that exposed over 800 million images dating back to 2003, including documents that contained sensitive personal information such as…

The Monetary Authority of Singapore (MAS) recently revised its Technology Risk Management Guidelines 2021 after feedback from a 2019 public consultation and engaging with cyber security experts. In this episode, Stephanie Magnus, Ken Chia, and Ying Yi Liew take a closer look at compliance, regulator expectations, cyber threats, and other important considerations — taking into account that financial institutions encompass large multinational banks, insurance companies and small fintech startups. https://soundcloud.com/user-879185301-820444966/ep12-singapore-mas-revises-technology-risk-management-guidelines