There are many good reasons why companies are increasingly migrating parts of the information technology to cloud service providers (“CSPs”), including lower overhead costs, greater data accessibility and mobility, and more efficient disaster-recovery response. For cybersecurity, cloud solutions offer companies many benefits, such as full-time data security monitoring and data
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Information Security
Two Recent Cases Highlight the Insider Trading Risks Associated with Cyber Breaches
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…
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New Bipartisan Bill Shows Renewed Congressional Attention to Data Privacy and Security
On April 23, 2018, Senators Klobuchar (D-Minn.) and Kennedy (R-La.) introduced the Social Media Privacy Protection and Consumer Rights Act of 2018 (“the Act”), which was referred to the Senate Commerce Committee. Like the CONSENT Act introduced by Senators Markey (D-Mass.) and Blumenthal (D-Conn.)—discussed in detail in our…
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Blockchain for Data Protection: A Double-edged Sword or a Techno-regulatory Oxymoron?
By Avi Gesser, Trevor I. Kiviat, Carolin L. Raspe & Mengyi Xu on
In January 2018, at the Eleventh Annual International Conference on Computers, Privacy and Data Protection (the “Conference”) in Brussels, one panel that made some headlines centered around blockchain technology in the context of data protection. The core inquiry of the panel was two-fold: (1) whether blockchain technology can…
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The HBO Hack: Preparing for a Cyber Breach Extortion
By Avi Gesser & Reuben Grinberg on
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…
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Davis Polk Memo – Banking Regulators Float Broad Cyber Risk Approach
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.
Davis Polk Memo – New York State Department of Financial Services Proposes New Cybersecurity Regulations
We have issued a memo on recent proposed cybersecurity regulations by the New York State Department of Financial Services that would be more stringent than existing federal requirements for certain financial entities. The memo highlights similarities and differences between the proposed regulations and federal regulations and guidance.