Cybercriminals are known to attack networks and individuals at inopportune times of crisis—and the coronavirus pandemic unfortunately presents just such an opportunity as millions are accessing corporate networks and databases from home. This past weekend New Jersey and Connecticut joined the growing list of jurisdictions (e.g., California, Delaware, Illinois, Louisiana, Ohio, and New York) to issue orders effectively requiring non-essential workers to avoid the workplace, and in some cases, to shelter-in-place. READ MORE
On March 10, Orrick lawyers Shannon Yavorsky, Rebecca Harlow, Brett Cooper and Julie Totten recorded a discussion about COVID-19 operational issues associated with managing employees and businesses, including covering the topic of cyber vulnerability. The conversation shares insights into how COVID-19 is creating increased cybersecurity and privacy risks as companies prepare for the spread of the virus and are forced to adapt to a new way of doing business. This video is a segment from a one-hour CLE program entitled “The Early Legal Impact of COVID-19.” To view our video and the full length CLE click here. READ MORE
Much has been written about the SEC’s interpretive guidance on cybersecurity disclosures, issued in late February, including Commissioner Stein’s statement that it under-delivers for investors, public companies, and the capital markets. As many observers have noted, the Commission largely repackaged the Division of Corporation Finance’s prior October 2011 guidance. Further, by issuing interpretive guidance, rather than engaging in formal rulemaking, the SEC’s pronouncement does not have the force and effect of law and is not accorded such weight in the adjudicatory process.
Cybersecurity continues to be “top-of-mind” for the Security and Exchange Commission (SEC). That point couldn’t be made more clear than in comments and remarks made during the annual “SEC Speaks” conference in Washington, D.C. on February 23 and 24. Read more for a full summary of the conference, including the SEC’s discussion of cybersecurity-related risk and incident disclosures, the Enforcement division’s formation of a Cyber Unit in the fall of 2017, and the SEC’s increased emphasis on the need for insider trading policies that address the impact of cyber events.