California already has some of the strongest data privacy laws in the United States, but within the past week state legislators, with the backing of the California Attorney General Xavier Becerra, have proposed two new bills that would strengthen California’s data privacy laws even more. One bill (SB 561) would amend key sections of the California Consumer Privacy Act (the “CCPA”), which we have previously blogged about when it was first enacted and when it was subsequently amended, and the other bill (AB 1130) would expand the definition of “personal information” under California’s data breach notification law to include biometric information and government-issued ID numbers (e.g., passport numbers).
The California Consumer Privacy Act (CCPA) is a major new state law poised to affect the privacy landscape not just in California, but in the U.S. as a whole. (For a detailed overview of the CCPA, read our previous post.) On August 31, the California legislature passed several amendments to the CCPA that will have a significant impact on its implementation.
This has been a big year in the data protection world, with the headline-grabbing General Data Protection Regulation (GDPR) occupying most of the spotlight with its plethora of privacy-related requirements and potential for high fines for violators. While companies (justifiably) may be focused on the GDPR at the moment, it’s also important to keep an eye on new privacy laws on the horizon in order to avoid last-minute scrambles for compliance as effective dates near. Foremost among these new laws is the California Consumer Privacy Act of 2018. The Act was introduced and signed quickly in order to prevent voters from facing a similar ballot initiative in the November election. This post provides an overview of the new law, which will go into effect beginning January 1, 2020.
On February 21, 2018, the Securities and Exchange Commission (SEC) issued an interpretive Commission Statement and Guidance on Public Company Cybersecurity Disclosures (the “Guidance”) to assist public companies in meeting their cybersecurity disclosure requirements under the federal securities laws. The Guidance notes that, as reliance on networked systems and the…
The General Data Protection Regulation (GDPR) comes into force across the European Union (EU) on 25 May 2018. It will have an impact on EU fund managers and may have an impact on non-EU fund managers depending on their operations. Below are FAQs to help EU and non-EU fund managers…
On April 28, the Securities and Exchange Commission (SEC) released a Guidance Update addressing the importance of cybersecurity and the steps registered investment advisers (and registered investment companies) may wish to consider in light of growing cybersecurity risks. This Guidance Update is the latest instance of the SEC’s increased emphasis on cybersecurity as a priority for advisers. A Cybersecurity Roundtable was hosted by the SEC on March 26, 2014 and the Office of Compliance Inspections and Examinations released a Risk Alert on February 3, 2015 summarizing its cybersecurity examinations of over 100 advisers and broker-dealers.
The Guidance Update provides several measures that advisers may wish to consider when creating a cybersecurity policy. These suggestions are not, however, intended to be comprehensive and advisers should tailor their cybersecurity policies to the particular nature and scope of their businesses.
By Rochelle Emert and Phillip Caraballo-Garrison
On February 3, 2015, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert that summarized its findings about cybersecurity preparedness in the securities industry. As part of its Cybersecurity Examination Initiative, the OCIE collected and analyzed information about cybersecurity practices…
Anthem Inc. (Anthem), the nation’s second-largest health insurer, revealed late on Wednesday, February 4 that it was the victim of a significant cyber attack. According to Anthem, the attack exposed personal information of approximately 80 million individuals, including those insured by related Anthem companies.