European Commission Publishes Draft Cyber Resilience Act
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.
Regulatory Update: NAIC Summer 2022 National Meeting
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.
Big California Privacy News: Legislative and Enforcement Updates
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…)
