News & Insights: Cyber Solutions

The SEC Unveils the Cyber and Emerging Technologies Unit

On February 20, 2025, the SEC announced the creation of the Cyber and Emerging Technologies Unit (“CETU”), replacing the existing Crypto Assets and Cyber Unit, in an effort to combat cyber-related misconduct and to protect retail investors from bad actors in the technologies space.

SEC Announces Record Quarter for Number of Enforcement Actions

The SEC announced on January 17, 2025, that they have filed a total of 200 enforcement actions in the first quarter of fiscal year 2025, including 118 standalone enforcement actions. The Division filed 75 actions in the month of October alone.

SEC Fines Firm $45M for Recordkeeping, Cyber Woes

The SEC announced on January 13, 2025, that two brokerage firms agreed to pay a combined $45 million, $33.5 million, and $11.5 million, respectively, in civil penalties relating to multiple SEC charges stemming from their brokerage operations.

FinCEN Alert on Fraud Schemes with Deepfake Media

On November 13, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media (“deepfakes”) created with generative artificial intelligence (“GenAI”).

SEC Gary Gensler to Step Down as Commission Chair

Gary Gensler will step down from his position as the 33rd Chair of the Securities and Exchange Commission (SEC) on January 20, 2025, at 12:00 p.m., according to the SEC’s November 21, 2024 press release.

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. […]

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