Blog Posts Tagged With SEC

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2018 SEC Cybersecurity Guidance on Board Oversight

On February 21, 2018, the Securities and Exchange Commission (“SEC”) issued a statement and interpretive guidance on issuers’ cybersecurity disclosures.   For a general discussion of the guidance, see Davis Polk’s recent Client Memorandum.  Although the guidance does not impose any new requirements on issuers, the SEC’s emphasis on Board oversight of cybersecurity provides new meaning on existing requirements.

The SEC notes that “[t]o the extent cybersecurity risks are material to a company’s business,” its … Continue Reading

Cybersecurity Whistleblowers – Another Thing to Consider Following a Breach

Companies that experience a cyber breach face several immediate and difficult challenges: quickly getting a handle on the scope of the breach, making sure that the intruder is out of their system, remediating any vulnerability, assessing what data was accessed (if any), deciding whether to reach out to law enforcement, determining whether any mandatory notification obligations have been triggered, and weighing whether to make any voluntary notification to regulators, customers, investors, etc.  One thing companies … 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

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