- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The Financial Services Roundtable is urging Congress to enact stronger data security legislation and ensure sensitive financial information is kept safe.
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The case of the Uber chief security officer found guilty by a jury on two felonies for covering up a data breach and misleading federal regulators opens up another potential individual liability issue executives handling cyber incidents face, according to legal experts.
The Federal Trade Commission is seeking comment on potential rules that would penalize companies that suffer data breaches due to lax cybersecurity protocols and punish firms that engage in abusive commercial surveillance practices.
Public companies would have to report material cybersecurity incidents no later than four business days after they occur if a rule proposed by the Securities and Exchange Commission takes effect.
