News & Insights: Cyber Solutions

SEC Increases Focus on AI

The SEC’s Division of Examinations (“EXAMS”) will intensify its focus on artificial intelligence (AI) usage, according to its 2025 Examination Priorities, released last week.

NYDFS Publishes Guidance on AI-Related Cyber Risk

On October 16, 2024, the New York State Department of Financial Services (“NYDFS”) published an industry letter (the “Guidance”) discussing the increasing reliance on artificial intelligence (“AI”) and its associated cyber risks. This is one of the most detailed state laws regarding cybersecurity.  

2025 Cybersecurity Examination Priorities: Vendor Due Diligence, Incident Response Plans, and More

On October 21, 2024, the SEC’s Division of Examinations (“EXAMS”) published its 2025 Examination Priorities, which includes annual priorities viewed by EXAMS as presenting heightened risks to investors and markets overall.

SEC Charges for Misleading Cyber Disclosures

On October 22, 2024, the SEC announced charges against four current and former public companies for “making materially misleading disclosures regarding cybersecurity risks and intrusions”, according to a SEC press release.

SEC Charges Adviser for Making False and Misleading Statements About Use of Artificial Intelligence

What happened? On October 10, 2024, The SEC announced charges against Rimar Capital USA, Inc. […]

Ongoing Phishing Alert: Message Posing as FINRA Executives

We have received notice from multiple firms in receipt of phishing emails from the domain @gateway-finra.com that appear to be from a FINRA executive. The phishing campaigns are similar to past phishing campaigns FINRA has experienced, such as the campaign referenced in the Cybersecurity Alert that FINRA issued on April 4th, 2024.   

Illinois Passes New Law to Address AI in the Workplace

On August 9th, 2024, Illinois Governor, J.B. Pritzker signed a law into effect that addressed employers’ use of artificial intelligence (“AI”). Illinois joins New York City and Colorado in passing laws governing employers’ requirements when using AI to make decisions regarding employment.

SEC Charges BD and Affiliated IAs with Violating Whistleblower Protection Rule

What happened? On September 4, 2024, the SEC announced settled charges against three affiliated registrants, […]

SEC Charges Equiniti Trust for Cyber Failures 

On August 20th, 2024, the SEC announced that it settled charges against Equiniti Trust Company LLC (formerly American Stock & Trust Company, LLC) due to failing to ensure client securities and funds were protected from theft. Equiniti Trust Company LLC (“Equiniti”) incurred two cyber incidents from 2022 to 2023 that resulted in the loss of more than $6.6 million of client funds.

CrowdStrike Incident Reinforces Importance of Revisiting BCPs

Although Artificial Intelligence (AI) brings tremendous opportunity, it also presents significant risk—particularly to those with access to sensitive client information and personally identifiable information (PII). 

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