Reducing Unneeded Data Becoming Part of Cybersecurity Best Practices

In our cybersecurity and data management webcast now available below, Davis Polk partners Avi Gesser, Gabe Rosenberg, and associate Matt Kelly, recently discussed getting rid of old documents to reduce cyber risk.

To avoid ending up in the news as the latest victim of a cyber-attack, companies are looking to improve their data security.  One way is data reduction─getting rid of old data that you don’t need for business purposes and you … Continue Reading

After Equifax, to Whom Should the CISO Report?

During congressional hearings earlier this month, senators grilled Richard Smith, the former Equifax CEO, on the company’s reporting structure for cybersecurity; specifically, on the appropriateness of Equifax’s CISO reporting to the general counsel.  This has caused several companies to question their own reporting structures for cybersecurity issues.  So what is the right structure for CISO reporting?  As usual, there is no one right or wrong answer.

We have seen many different reporting structures for CISOs … Continue Reading

FinRegReform Blog Post: Security Concerns Prompt Questions Regarding Whether the SEC Should Delay the CAT

The Davis Polk Financial Regulation Reform Team recently blogged about the breach of the SEC’s EDGAR database and how that breach impacts the Consolidated Audit Trail (“CAT”)

“In the wake of a highly-publicized cybersecurity breach involving the SEC’s EDGAR system, SEC Chairman Jay Clayton has been in the hot seat at recent congressional hearings, fielding pointed questions as to whether the SEC should delay implementation of the Consolidated Audit Trail (“CAT”).  The SEC has not … Continue Reading

Your Sensitive Information Was Accessed in a Government Hack? You May Have No Remedy.

In a statement issued on Wednesday, September 20th, the U.S. Securities and Exchange Commission (SEC) revealed that it was investigating a 2016 data breach of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) database.  The SEC does not believe that personally identifiable information was exposed, but the investigation is still ongoing and raises questions regarding government agencies’ obligations to protect sensitive information, and the potential litigation challenges facing individuals who are impacted by hacks of … Continue Reading

Will Equifax Lead to Increased State-Level Cybersecurity Enforcement?

Regulators in almost every U.S. state have the authority to enforce cybersecurity compliance under their state’s laws, but until recently, they have rarely exercised this power, leaving enforcement mostly to federal agencies like the FTC.  With the recent Equifax breach, this appears to be changing.

The Massachusetts Attorney General filed a complaint against Equifax on September 17, 2017, asserting that Equifax violated Massachusetts Data Security Regulations by failing to safeguard personal information of credit applicants.  … Continue Reading

Upcoming Webcast: Cyber Security and Data Management

Register for Webcast

Please join us on October 11, 2017 from 12:00 pm to 1:00 pm ET for a discussion on the evolving law and practice on the document management aspects of cyber security, including:

  • Regulators’ expectation for companies regarding deleting old non-public data to reduce cyber risk.
  • The interactions between the Federal Rules of Civil Procedure on electronic document spoliation and responsible cyber security data management.
  • Using predictive coding and data analytics to identify
Continue Reading

NYDFS Cybersecurity Rules Inspires Insurance Data Security Draft Model Law

The National Association of Insurance Commissioners (“NAIC”) has signaled that insurance regulators may be the first government agencies to adopt the framework for cybersecurity regulation that was recently set out in the New York Department of Financial Services (“NYDFS”) cybersecurity rules, which went into effect on August 28, 2017.

The Cybersecurity (EX) Working Group and the Innovation and Technology (EX) Task Force of NAIC approved the Insurance Data Security Model Law (“Model Law”)  in August … Continue Reading

Today (August 28) Marks the First NYDFS Cybersecurity Compliance Deadline, With a Certification Deadline Less Than Six Months Away

Today marks the first deadline for entities regulated by the New York Department of Financial Services (“NYDFS”) to comply with certain provisions of the recent NYDFS cybersecurity rules.  The NYDFS cybersecurity rules taking effect is a significant event for NYDFS-regulated entities, and for any company facing cybersecurity concerns.  The unique combination of (1) concrete cybersecurity requirements (e.g., access controls), (2) a senior-level certification obligation, and (3) the 72-hour notice requirement, will likely have a … Continue Reading

The HBO Hack: Preparing for a Cyber Breach Extortion

Earlier this month, HBO disclosed that it is the latest victim of cyber breach extortion, which involves criminals hacking into a company’s computer system, extracting sensitive information (e.g., emails of executives) or valuable intellectual property (e.g., unreleased television scripts or episodes), and then threatening to make the information public if a ransom is not paid, usually in Bitcoin.  In the HBO case, the hackers claim that this is their 17th target and that all … Continue Reading

Announcing our Cybersecurity Blog; One Month Until the NYDFS Cybersecurity Rules Take Effect

With about a month to go until the first set of NYDFS’s cybersecurity rules go into effect (on August 28, 2017), we are proud to announce the formal launch of the Davis Polk Cyber Breach Center.  The blog will help you keep pace with industry best practices and be aware of your company’s cybersecurity obligations, including those relating to the NYDFS rules.  Aside from posts about developments in cybersecurity, the blog includes information about … Continue Reading

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