Federal Regulation - U.S.

On Tuesday April 14, 2020, the fifth annual Incident Response Forum (the “Forum”) convened an extensive roster of presenters from private practice and the government, including from the DHS, DOJ, FTC, SEC, NYDFS, FBI, and the Secret Service, to discuss best practices for incident response.

The government panelists shared insights
Continue Reading 2020 Incident Response Forum: Lessons Learned from Regulators and Law Enforcement

As we have discussed here previously, the coronavirus outbreak has driven many companies further into the digital workplace, putting new strains on information technology systems and related privacy and security compliance controls.  Despite these burdens on companies, few regulators have offered relief from their privacy and security requirements.  As detailed
Continue Reading Data Privacy and Security Requirements During Coronavirus? Little Relief in Sight

Davis Polk attorneys authored a chapter on U.S. Cybersecurity Laws for the GDR Insight Handbook 2020.  The chapter, which can be read here, was written by Avi Gesser, Matthew J. Bacal, Daniel F. Forester, Matthew A. Kelly, Clara Y. Kim, and Gianna C. Walton, and was published by
Continue Reading Global Data Review Publishes Davis Polk’s Chapter on United States Cybersecurity Laws in GDR Insight Handbook

We have recently written on whether protecting personal data should be regulated using a property model instead of a privacy model (and concluded, probably not).  Another framework for regulating personal data that is getting increased attention is a national security model, which looks at securing personal data as a means
Continue Reading Considering A National Security Framework for Protecting Personal Data

Momentum is building in Congress for federal privacy legislation and several states have their own privacy laws in the works.  But, as concerns grow that companies are collecting and sharing personal information about U.S. residents without their knowledge and not adequately protecting that data, regulators and plaintiffs aren’t waiting for
Continue Reading Regulators and Plaintiffs Aren’t Waiting for Privacy Legislation: Companies Face Potential Liability Now and Can Take Steps to Reduce Risks

In our first Cyber Blog post, we predicted that the rules-based approach adopted by the NYDFS would become the model for cybersecurity regulation.  Two years later, we’re feeling pretty good about that prediction, as the FTC recently proposed incorporating a number of aspects of the NYDFS cybersecurity rules into
Continue Reading The FTC Moves Toward a Rules-Based Approach to Cybersecurity Regulation for Financial Institutions

In the last few years, we have seen a dramatic increase in the purchase and sale of alternative data—a shorthand for big data sets, such as satellite images of parking lots, drug approvals, credit card purchases, cellphone data on retail foot traffic, and construction permits. According to alternativedata.org, the alternative
Continue Reading Alternative Data Goes Mainstream, and Gets Increased Attention from Regulators

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

We have issued a memo on recent proposed U.S. federal banking regulations that could significantly expand the existing cybersecurity regulatory framework for covered financial institutions. The Enhanced Standards intend to strengthen cyberattack preventative measures and post-attack responses.

Read the Full Memo »
Continue Reading Davis Polk Memo – Banking Regulators Float Broad Cyber Risk Approach

 FinCEN Issues Advisory and FAQs on Cyber-Events and Cyber-Enabled Crime (10/27)

On October 25, 2016 FinCEN issued an advisory and FAQs to financial institutions regarding their Suspicious Activity Report (SAR) obligations with respect to cyber-events, cyber-enabled crime, and cyber-related information as those terms are defined. The FAQs supersede previous FAQs
Continue Reading FinCEN Issues Advisory and FAQs on Cyber-Events and Cyber-Enabled Crime