We have written here before about the challenges and benefits of getting rid of old data. As we have noted, in light of recent legal, regulatory, and technological developments, companies should reevaluate their long-term data management planning. Last week, the New York Department of Financial Services (“NYDFS”) issued a reminder… Read More
Mr. Gesser is a partner in Davis Polk’s Litigation Department. He represents clients in a wide range of cybersecurity issues, including compliance with various cybersecurity regulations, cybersecurity governance issues, cloud migration, data minimization, and cybersecurity risk disclosures. Mr. Gesser also counsels companies who have experienced cyber events by coordinating with experts to conduct investigations; communicating with regulators, law enforcement, insurers and auditors; assessing various federal, state and international regulatory disclosure obligations; and representing the companies in related civil litigation and regulatory investigations. He previously served as the Counsel to the Chief of the Justice Department, Criminal Division’s Fraud Section and as the Deputy Director of the Justice Department, Criminal Division’s Deepwater Horizon Task Force. In addition to his full-time practice, Mr. Gesser is a frequent writer and commentator on cybersecurity issues.
Appropriate cybersecurity disclosures can reduce risk of class action securities cases following a data breach. We have written recently on the rise of these class action securities cases, including the Intel case and the Yahoo! $80 million settlement. We have also been closely watching the Equifax case. The recently … Read More
The recent convictions of two traders for using hacked press releases and the settlement of SEC insider trading charges against a former Equifax manager highlight the significant insider trading risks companies face when dealing with a cyber event. These risks come in two forms.
First, there is the risk that … Read More
On June 6, 2018, the Eleventh Circuit vacated a cease and desist order issued by the FTC against LabMD as unenforceably vague. The FTC’s Order, which resulted from a finding that LabMD had failed to maintain an adequate cybersecurity program, directed LabMD to “establish and implement, and thereafter maintain, … Read More
In the lead-up to the EU’s General Data Protection Regulation (“GDPR”) becoming effective on May 25, little attention was paid in the U.S. to the private right of action that the GDPR creates. But so far, private actors have filed approximately 24 cross-border GDPR complaints with EU regulators.
At least … Read More
We had previously predicted that the Equifax data breach could lead to increased state-level cybersecurity enforcement. On June 27, the NYDFS announced that Equifax has agreed to take corrective action for its 2017 data breach, as set forth in a consent order reached with the NYDFS and seven other … Read More
For years, the default setting at many companies was to keep electronic data indefinitely. Storage is cheap, there are legal risks associated with deleting data, and you never know when an email from 10 years ago is going to become important. Some companies have document management policies, but often they … Read More
Readers of our blog know that the NYDFS cybersecurity rules and the European GDPR are part of a trend in regulation towards onerous breach notification requirements with very short (i.e., 72-hour) deadlines. But there are other, less well-known examples.
Alabama and South Dakota recently passed data security statutes, which means … Read More
A recent article in the American Lawyer highlights the growing relevance of lawyer-led “tabletop” exercises, where companies engage in half-day or full-day drills designed to test their response plans for various crisis scenarios.
Executives are increasingly utilizing these exercises to hone their emergency policies, procedures, and decision-making. Originally developed to … Read More
The New York Department of Financial Services (“NYDFS”) recently issued guidance for its covered entities highlighting the importance of cybersecurity as a necessary part of M&A due diligence. This guidance comes in the greater context of the Yahoo! SEC resolution to demonstrate that regulators are paying close attention to … Read More