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|Cybersecurity's Moment and What it Means for Financial Services|
Lisa M. Ledbetter, Todd S. McClelland, Mauricio F. Paez, Albert J. Rota, C. Hunter Wiggins; Jones Day;
April 12, 2016, previously published on March 2016The recent announcement of President Barack Obama's Cybersecurity National Action Plan, with programs aimed at improving the security of public and private data, is a reminder that cybersecurity—including identifying, defending against, recovering from, and notifying others about cyber...
|EU and U.S. Release Terms of Privacy Shield|
Paloma Bru, Jonathon R. Little, Mauricio F. Paez, Elizabeth Robertson, Undine von Diemar; Jones Day;
March 31, 2016, previously published on March 2016The European Commission ("EC") and U.S. Department of Commerce ("DOC") recently released the full text of the EU¿U.S. Privacy Shield framework. This release follows the February 2, 2016, announcement that EU and U.S. officials had reached an agreement to replace the...
|Save Your Data and Your Dollars: Tips to Prevent "Ransomware" from Holding Your Company Hostage|
James R. Dutro, Colin Leary, Daniel J. McLoon, Mauricio F. Paez, Jeffrey Rabkin; Jones Day;
March 22, 2016, previously published on February 2016On February 15, 2016, a Los Angeles-based hospital paid cyber criminals $17,000, in the form of 40 Bitcoins, to restore access to electronic medical records and email systems. The hospital—Hollywood Presbyterian Medical Center—had been operating offline for more than a week after...
|Commodity Futures Trading Commission Proposes Cybersecurity Best Practices|
Lisa M. Ledbetter, Ethan (Eitan) Levisohn, Stephen J. Obie, Mauricio F. Paez; Jones Day;
February 24, 2016, previously published on February 2016On December 16, 2015, the Commodity Futures Trading Commission ("CFTC") approved two proposed rules which would require regulated entities to conduct specific tests of their cybersecurity capabilities, remediate vulnerabilities, and institute board-level review of the testing results.
|"EU-U.S. Privacy Shield" to replace "Safe Harbor"|
Paloma Bru, Jonathon R. Little, Mauricio F. Paez, Elizabeth A. Robertson, Undine von Diemar; Jones Day;
February 11, 2016, previously published on February 2016On February 2, 2016, European Union ("EU") and U.S. regulators reached a political agreement on a new "Safe Harbor 2.0" that could provide thousands of companies with a legal basis for transatlantic data transfers.
|Revised DFARS Interim Rule Regarding Cybersecurity Responds to Industry Concerns|
Peter F. Garvin, J. Andrew Jackson, Fernand A. Lavallee, Todd S. McClelland, Mauricio F. Paez; Jones Day;
February 2, 2016, previously published on January 2016After collecting feedback from industry representatives, the Department of Defense ("DOD") recently revised the Defense Federal Acquisition Regulations Supplement ("DFARS") interim rule on required cybersecurity measures for defense contractors (the "December 30 Interim...
|Proposed Cybersecurity Disclosure Act Shows Deep Misunderstanding of the Role of the Board of Directors|
Michael R. La Marca, Randi C. Lesnick, Mauricio F. Paez; Jones Day;
January 11, 2016, previously published on December 2015On December 17, 2015, Senators Jack Reed and Susan Collins introduced the Cybersecurity Disclosure Act of 2015, a proposed bill that would require publicly traded companies to disclose, in their investor filings with the U.S. Securities and Exchange Commission ("SEC"), whether any member...
|Agreement Reached on the European Reform of Data Protection|
Paloma Bru, Dionna J.A. Little, Mauricio F. Paez, Elizabeth A. Robertson, Undine von Diemar; Jones Day;
December 29, 2015, previously published on December 2015After almost four years of heated debate, the EU Parliament, Council, and Commission have reached an agreement on the final form of the General Data Protection Regulation ("GDPR"), the most comprehensive reform of data protection law ever envisaged in the EU's history. It is not an...
|Protectionist Legislation Could Restrict Ability of Multinational Businesses to Obtain Information about Russian Subsidiaries and Satellite Offices|
Vladimir Lechtman, Mauricio F. Paez, Sergei Volfson; Jones Day;
December 15, 2015, previously published on December 2015In a move to prevent information about Russian companies from leaving the country, several members of the State Duma (the Russian parliament's lower chamber) recently proposed draft legislation to restrict the disclosure of individual and corporate information to foreign enforcement authorities and...
|New Decision Raises the Bar for FTC Enforcement Actions Over Data Security Practices|
Todd S. McClelland, Michael G. Morgan, Mauricio F. Paez, Jeffrey Rabkin, Gregory P. Silberman; Jones Day;
December 9, 2015, previously published on November 18, 2015A decision on November 13, 2015 has raised the bar for Federal Trade Commission ("FTC") enforcement actions over data security practices. (In re LabMD, Inc., F.T.C. ALJ, No. 9357, (11/13/15)). In order for the FTC to maintain an enforcement action under Section 5 of the Federal Trade...