In a landmark ruling, the Delaware Court of Chancery has recognized that corporate officers owe the company a legal duty of oversight, which has traditionally been an obligation solely of directors, and can be sued by shareholders for breach of that duty. In the cybersecurity and privacy context, what does this mean for Chief Information…
Category: Corporate Governance
SEC Continues to Emphasize Importance of Cybersecurity and Cyber Risk Governance
“While this is an oversimplification of all of the requirements and nuances of the forthcoming SEC rules, the SEC’s objectives are to require companies to provide meaningful and actionable information to shareholders to better understand companies’ cyber risks and how companies are managing and responding to them. From a very high level, this can be…
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Is This the Next Evolution of Cyber Risk Governance? The SEC Is About To Force CISOs Into America’s Boardrooms
The SEC is proposing to force boards to do what they haven’t done themselves, govern cyber risk. This article makes some excellent points and I believe it is logical to expect that this could be the next evolution for where cyber risk governance is going. “The trigger for the boards that I’m on came from…
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Sharing the Load: What are Chief Privacy Officers, Chief Information Security Officers, and General Counsel Doing in Real Life to Divide Up Roles and Responsibilities? (conference panel discussion)
Business leaders are beginning to understand that cyber is not just an IT issue, a legal issue, or any other silo-ed issue, but that it is an overall business risk issue and that makes managing cyber risk a team sport. This week I had the privilege of moderating a panel discussion that was titled “Sharing…
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5 Key Things In-House Counsel Can Do to Help Their Businesses’ Cybersecurity
Cybersecurity is a team sport and many people within a business must work together to help effectively manage their businesses’ cyber risk. In-house counsel plays a critical role in this process. A recent Law360 article (subscription required) identified the following key things they can do: Develop, implement, and table-top test an incident response plan Advise…
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Why do you need a cyber attorney? Shawn Tuma explains in Ethical Boardroom
In my latest article in Ethical Boardroom article, I explain some of the not-so-obvious reasons why you need an experienced cyber attorney on your team: Why you need a cyber attorney (Spring 2018) Here are other Ethical Boardroom (@EthicalBoard) articles that I have written or contributed to that are also available for free: Cybersecurity: A Fiduciary Duty…
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Do data breaches have consequences? Will Equifax CIO serve jail time for insider trading?
“Corporate insiders who learn inside information, including information about material cyber intrusions, cannot betray shareholders for their own financial benefit.” Richard R. Best, SEC – Atlanta Division For years many in the cybersecurity/data breach space have been saying that somebody is going to have to go to jail before corporate decision-makers begin to take cybersecurity…
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The Most Positive Cybersecurity Trend I Have Seen in Nearly 20 Years!
In the last quarter of 2017, I have observed a cybersecurity trend that has given me more hope than any that I have seen previously. Let me explain. As an attorney, I have been practicing what can generally be described as cyber law or cybersecurity law since 1999, which means that my practice has evolved a lot…
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Complimentary Webinar: Countdown to #GDPR – Compliance for Non-EU Companies
Countdown to GDPR Compliance is a complimentary webinar that I will be moderating on Thursday, December 7, 2017, at 12:00 PM Central. This is the second webinar in a three-part series sponsored by Mackrell International and will focus on Compliance for Non-EU Companies. You don’t want to miss it! Moderator: Shawn Tuma Presenter: Marta Stephanian,…
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Uber’s Settlement With FTC Emphasizes Companies’ Need for Cyber Risk Management Programs
The FTC and Uber have settled the enforcement action the FTC brought against the company. This action stems from Uber’s data breach of more than 100,000 individuals’ PII despite its promises that their data was “securely stored within our databases.” The FTC found this promise was misleading when compared with the actions the company was…
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