NIST Unveils IoT Baseline of Core Cybersecurity Features for Comment

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In a release aptly labeled “A Starting Point for IoT Device Manufacturers” the National Institute of Standards and Technology (NIST), an arm of the Department of Commerce, recently added to the discussion with the publication. NIST sought to provide IoT device manufacturers a better understanding of appropriate cybersecurity features for the vast and constantly proliferating range of IoT devices. NIST’s fundamental purpose is to improve the securitibility of IoT devices and to identify, in general terms, the features that can be designed so that customers can better use them to manage cybersecurity risk profiles.

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Nevada’s Privacy Law Granting Opt-Out Rights Is First Out of the Gate

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On May 29, 2019, Nevada Governor Steve Sisolak signed into law SB 220, which amends Nevada’s security and privacy law to require an operator of a website or online service for commercial purposes to permit consumers to opt-out of the sale of any covered personally identifiable information that the operator has collected or will collect about the consumer. The law becomes effective October 1, 2019, several months before the California Consumer Privacy Act’s (CCPA) effective date of January 1, 2020, and is therefore set to become the first of its kind to be implemented in the U.S.

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As Cyberattacks Rise, U.S. Business Readiness Falls

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Two recent reports reflect that cyberattacks and resulting data breaches continue to threaten U.S. companies and public entities. The Hiscox Cyber Readiness Report (April 23, 2019), compiled from a survey of more than 1,000 U.S. cybersecurity professionals at private companies and public-sector entities with 50 to 1,000+ employees, found that 53% of firms reported at least one cyberattack – up from 38% in 2018. Interestingly, only 11% of U.S. firms qualified as experts based on their cybersecurity preparedness and responses – down from 26% in last year’s survey; 16% of firms ranked as intermediate, and the remaining 73% ranked as novice. These statistics reflect a continuing need for public- and private-sector emphasis on cybersecurity preparedness and incident response.

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SEC Issues Risk Alert Regarding Reg S-P, Privacy, Safeguarding, and Registrant Compliance

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The SEC’s OCIE recently issued a Risk Alert focusing on compliance issues related to Regulation S-P, the primary SEC rule governing compliance practices for privacy notices and safeguard policies for investment advisers and broker-dealers. The Risk Alert summarizes the OCIE’s findings from two-year’s worth of issues identified in deficiency letters to assist investment advisers and broker-dealers in adopting and implementing effective policies and procedures for safeguarding customer records and information pursuant to Regulation S-P.

In this alert, partner Jim Lundy outlines the Regulation S-P requirements, the OCIE’s Regulation S-P findings and key takeaways for SEC registrants.

Read the full alert.

NIST Privacy Framework Takes Shape

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As previously reported, the National Institute of Standards and Technology (NIST) is developing a voluntary Privacy Framework in collaboration with private- and public-sector stakeholders. The goal is to help organizations better identify, assess, manage, and communicate their privacy risks. Other benefits anticipated from this project are fostering the growth of innovative approaches to protecting individual privacy and creating greater trust in products and services that may use the Framework once it is established.

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The Emerging Importance of Chief Data Officers: Recent Legislation & Other Initiatives

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A spotlight has been placed on the need for a chief data officer (CDO) in public sector agencies through both recent legislation and recommendations made in other recent reports and initiatives.

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