Earlier today the Securities and Exchange Commission voted to propose rules related to cybersecurity risk management for registered investment advisers, and registered investment companies and business development companies (funds), as well as amendments to certain rules that govern investment adviser and fund disclosures. The SEC Chair Gary Genlser stated that the proposed rules and amendments
The New York Department of Financial Services ("NYDFS") has charged First American Insurance company with multiple section code violations pertaining to cyber security policies. This is NYDFS's first time charging a company for not adhering to their Cybersecurity Regulation Part 500 of Title 23. The charges held against First American are as follows: Deficient cybersecurity
In October 2021, the Federal Trade Commission (FTC) stated that it would expand its Safeguards Rule in order to better protect consumer financial information from cyber attacks and security breaches. The revised Rule requirements will take effect on December 9, 2022. This is a significant development for private funds that were previously exempt from the
