These Shoes Weren’t Made for Walking (and They Aren’t Too Good for Standing Either): Court Dismisses Post-Breach Case Against Zappos for Lack of Standing
Posted on Jun 8, 2015 in Uncategorized | Comments Off on These Shoes Weren’t Made for Walking (and They Aren’t Too Good for Standing Either): Court Dismisses Post-Breach Case Against Zappos for Lack of Standing
Last week yet another federal district court dismissed a post-data breach class action after concluding that the plaintiffs had not alleged any actual or imminent harm and, consequently, did not have standing to proceed. In re Zappos.com, Inc. Customer Data Security Breach Litig. MDL No. 2357, 12-cv-325 (D. Nev. June 1, 2015), arose out of a 2012 breach of Zappos’ servers, which...
FBI Makes Broker-dealers an Offer They Can’t Refuse: Talk to Us About Cybersecurity
Posted on Jun 3, 2015 in Uncategorized | Comments Off on FBI Makes Broker-dealers an Offer They Can’t Refuse: Talk to Us About Cybersecurity
Speaking last week at FINRA’s annual conference in Washington, D.C., Donald Good, Assistant Director of the FBI’s Cyber Division, discussed steps the FBI is taking to help members of the securities industry deal with cyber-threats, as well as steps the FBI hopes firms will take in response. For example, as the Department of Justice recently suggested, Good urged members of...
Cybersecurity Is Key Priority for FSOC in 2015
Posted on May 22, 2015 in Uncategorized | Comments Off on Cybersecurity Is Key Priority for FSOC in 2015
Cybersecurity was a critical area of focus of the Financial Stability Oversight Council’s (“FSOC”) recently released 2015 Annual Report (the “Report”). The Report, which provides both a consolidated view of important challenges facing the financial system and a road map of FSOC’s key priorities in the upcoming year, identified cybersecurity as a growing concern and warned that cyber...
Data Breach Class Action Plaintiffs Lack Standing
Posted on May 15, 2015 in Uncategorized | Comments Off on Data Breach Class Action Plaintiffs Lack Standing
A federal court in New Jersey is the latest in a series of courts to dismiss a putative data breach class action due to plaintiffs’ failure to adequately plead standing. In re Horizon Healthcare Services, Inc. Data Breach Litigation, No. 2:13-cv-07418-CCC-JBC (D.N.J. Mar. 31, 2015). This class action was brought against a health insurer that suffered a data breach through the theft of...
What Funds Can Take Away From SEC Cybersecurity Guidance
Posted on May 11, 2015 in Uncategorized | Comments Off on What Funds Can Take Away From SEC Cybersecurity Guidance
In late April 2015, the U.S. Securities and Exchange Commission responded to the heightened risk of data breaches at the entities it regulates by issuing prescriptive guidance on cybersecurity for all investment advisers and registered investment companies, including mutual funds, insurance separate accounts and business development companies (funds). In her article for Law360,...
DOJ Publishes Cyberincident Response Best Practices Document
Posted on May 5, 2015 in Uncategorized | Comments Off on DOJ Publishes Cyberincident Response Best Practices Document
The Cybersecurity Unit of the Department of Justice (DOJ) has published a “best practices” document to assist organizations in developing a response plan for cyberincidents. The document, titled Best Practices for Victim Response and Reporting of Cyber Incidents, focuses on steps organizations should take before, during and after a cyberincident and emphasizes the need for...
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