News

Melinda McLellan, Jonathan Forman Comment on Financial Adviser Cybersecurity Requirements Proposed in Colorado

News / April 28, 2017

Partner Melinda McLellan and Counsel Jonathan Forman are quoted in an article published April 28, 2017, in Bloomberg BNA’s “Privacy & Data Security Law” newsletter. The article, “Colorado Moving to Set Financial Adviser Cybersecurity Rule,” discusses a proposed Colorado rule that would require entities with state securities licenses to conduct an annual assessment of their cybersecurity risks.

McLellan told Bloomberg that it’s possible other states will follow Colorado's lead. “To the extent certain state governments may have concerns about lax regulatory oversight by the feds, we could see an increased appetite for taking on cybersecurity enforcement at the state level,” she said.

In his comments, Forman said that although the details need to be worked out, Colorado's rule isn't unreasonable. “The proposed rule is a recognition that cybersecurity compliance is now a cost of doing business,” he said. “Luckily, while the proposed rule is prescriptive, it allows advisers and broker-dealers to tailor their compliance programs to address their cybersecurity risk profiles.”

Read the article (registration required).

Related Services

Blog

In The Blogs

Previous Next
Data Privacy Monitor
Best Cybersecurity Practices for Healthcare Organizations – Ransomware Prevention
By Kathryn Carey, Aleksandra Vold
February 8, 2019
This article is part of a series of blog posts exploring the recommendations and guidance Health & Human Services (HHS) provides to healthcare organizations in its “Cybersecurity Best Practices” report. For previous articles in the series...
Read More ->
Data Privacy Monitor
Insurance Data Security Model Law Picks Up Steam
By Andreas T. Kaltsounis, Shea M. Leitch
February 6, 2019
Three states recently enacted variations of the National Association of Insurance Commissioner’s (NAIC) Insurance Data Security Model Law (MDL-668), based on the landmark cybersecurity requirements issued by the New York Department of...
Read More ->
Data Privacy Monitor
What Can We Learn From the Healthcare Data Breach ‘Wall of Shame'?
By Eric A. Packel
February 4, 2019
In addition to dealing with the public outcry and regulatory scrutiny resulting from a healthcare data breach, covered entities under the Health Insurance Portability and Accountability Act (or their business associates) are required to...
Read More ->
Data Privacy Monitor
Washington State Proposes Sweeping Privacy Legislation
By Andreas T. Kaltsounis, Shea M. Leitch
February 4, 2019
On Jan. 17, 2019, a new privacy law was proposed in the Washington state Senate. If passed, the Washington Privacy Act would impose far-reaching responsibilities on companies to protect the privacy of “personal data.” Lifting many...
Read More ->
Data Privacy Monitor
The Use of Smart Speakers in the Healthcare Industry
February 1, 2019
Smart speakers are voice-activated, internet-connected devices with an integrated virtual assistant that can answer questions, follow instructions and control other smart devices. Nearly one in five U.S. adults has access to a smart...
Read More ->