On May 3, 2022, the SEC announced that it was renaming the Division of Enforcement’s Cyber Unit as the Crypto Assets and Cyber Unit, and significantly increasing its size with the addition of 20 new positions.[1] In the
The SEC published in March 2022 a dauntingly complex proposal to require public companies to provide climate-related disclosures.[1] The period for public comment on the proposal is very short, and it seems clear that a majority of the
Last month, the U.S. Securities and Exchange Commission issued a proposal to enhance and standardize disclosure requirements related to cybersecurity incident reporting and cybersecurity risk management, strategy, and governance. Among other changes, the SEC’s proposal would require disclosure about material
After nearly two years of detailed negotiations, on March 25, 2022, U.S. President Joe Biden and European Commission President Ursula von der Leyen announced an “agreement in principle” on a new Trans-Atlantic Data Privacy Framework (the “Framework”) to re-establish an
On March 15, 2022, President Biden signed into law the Cyber Incident Reporting for Critical Infrastructure Act of 2022, which imposes federal reporting requirements for cyber incidents and ransomware attack payments. The legislation will require covered critical infrastructure entities
On March 1, 2022, the U.S. Senate passed by unanimous consent a package of three cybersecurity bills, known collectively as the Strengthening American Cybersecurity Act, which would enhance reporting requirements for certain major cyber incidents and ransomware attacks. Senators
The SEC and a consortium of 32 states recently announced a $100 million settlement with BlockFi Lending LLC over its crypto lending product, BlockFi Interest Accounts. The SEC alleged BlockFi had violated the securities laws by failing to register its
February 17, 2022 was a busy day for the Department of Justice and its growing cyber portfolio. First, Deputy Attorney General Lisa O. Monaco delivered remarks at the Annual Munich Cyber Security Conference, stressing the Department’s efforts to confront cyber
On January 24, 2022, Securities and Exchange Commission Chair Gary Gensler gave a speech at the Northwestern Pritzker School of Law’s Annual Securities Regulation Institute signaling the SEC’s intention to step up its cyber-related regulatory and enforcement efforts. Gensler described