On 15 September 2022, the European Commission (“Commission” or “EC”) published a draft proposal for a Cyber Resilience Act (“CRA” ). The CRA comes in response to the increasingly common occurrence of cyberattacks, with some predicting that the global cost of cyberattacks for companies will reach $10.5 trillion annually by 2025, up from $3 trillion in 2015. The CRA promises to transform the European cybersecurity landscape by harmonizing and bolstering cybersecurity rules across all technologies with “digital elements.” The Commission is currently inviting public feedback on the CRA through 18 November 2022. The CRA will then pass through the European Parliament for debate and for amendments to be proposed.
The National Association of Insurance Commissioners (NAIC) held its Summer 2022 National Meeting (Summer Meeting) August 9–13, 2022. This post summarizes the highlights from this meeting in addition to interim meetings held in lieu of taking place during the Summer Meeting. Highlights include a proposal for a new consumer privacy protections model law, continued discussion of considerations related to private equity ownership of insurers, continued development of accounting principles and investment limitations related to certain types of bonds and structured securities, and initiatives to address climate risks in the insurance sector.
Privacy never sleeps in California. In recent days and as California’s legislative session comes to a close, there have been a number of significant legislative and regulatory developments in the state, each of which will likely (again) change the privacy landscape in California and, by extension, the rest of the country. For businesses operating in California or whose websites, products or services reach California residents, these changes mean new compliance obligations, some of which could require significant investments of time and resources. The impact of these changes highlight once again how the United States lacks a consistent national policy on privacy that could be set by a comprehensive federal privacy law. (more…)
Kentucky and Maryland recently continued the trend of state insurance departments adopting some version of the National Association of Insurance Commissioners’ (“NAIC”) Insurance Data Security Model Law. Kentucky Governor Andy Beshear signed House Bill 474 into law, and Maryland Governor Larry Hogan signed SB 207. (more…)
Connecticut has passed a new state data privacy law slated to go into effect on July 1, 2023. The law largely tracks other new state data privacy laws recently passed in Virginia and Colorado, but also includes several provisions that could impact compliance plans, including a new obligation to provide a mechanism for consumers to revoke their consent to the processing of their data. (more…)
Algorithms touch upon multiple aspects of digital life, and their use potentially falls within several separate – though converging – regulatory systems. More than ever, a ‘joined up’ approach is required to assess them, and the UK’s main regulators are working together to try to formulate a coherent policy, setting an interesting example that could be a template for global approaches to digital regulation. (more…)
11:00 a.m. ET | 4:00 p.m. BST | 5:00 p.m. CET
Wednesday, June 8, 2022
Since the EU announced its Digital and Data Strategy in February 2020, the European Commission has released several legislative proposals to regulate digital platforms and services, including with respect to access and the use of data. Included within the proposals are the Digital Markets Act (DMA) and the Digital Services Act (DSA).
As regulators around the world fiercely debate new ways to oversee competition in the digital sector, the EU is on the brink of formally approving a landmark new law. The Digital Markets Act (DMA) will impose a stringent regulatory regime on large online platforms (so-called “gatekeepers”) and give the European Commission (Commission) new enforcement powers, including an ability to impose severe fines and remedies for noncompliance.
Once it comes into force, the DMA is set to revolutionize the way in which so-called Big Tech is regulated in the EU, shifting toward ex-ante rulemaking and away from traditional after-the-fact enforcement. Given the far-reaching nature of the DMA obligations, their effects will likely be felt globally.
There is a lot to digest, so below is our breakdown of the top 10 key points you should know about the EU’s new rules. (more…)
Jen Easterly, Director of the U.S. Cybersecurity and Infrastructure Security Agency (“CISA”), repeatedly emphasizes CISA’s cooperative approach with the U.S. private sector. During her interview with Sidley’s Alan Raul on April 13, 2022, Easterly emphasized that CISA’s role was not to “name, blame, shame, or stab the wounded” victims of cybersecurity incidents. Instead, she described the Agency as a coequal partner with the private sector in securing U.S. infrastructure. CISA desires to partner with other agencies as well, operating as the “front door” to federal agency support and cyber security resources, she stated. During the Raul interview, she also provided insight into the Agency’s perspective on the newly enacted Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA). (more…)
On 6 April 2022, the European Parliament formally approved the Data Governance Act (“DGA”), which establishes a legal framework to promote the availability of data and increase trust in data sharing across sectors in the EU. Some of the key objectives of the new legislation include enabling the re-use of certain categories of protected public sector data and making it easier and safer for citizens and businesses to share their data with relevant stakeholders. (more…)