Thought Leadership

Privacy Flash Five - March 2022

Client Updates

Partner Cynthia Cole provides five key takeaways from across the global data privacy landscape.

1. SEC Proposes Rules Mandating Disclosure of Material Cybersecurity Incidents

On March 9, the SEC proposed amendments to its rules that would enhance and standardize disclosures related to cybersecurity risks and incidents, and would expand upon cybersecurity guidance issued by the Commission in 2018. Most notably, the proposed rules would require current disclosure of material cybersecurity incidents on Form 8-K within four business days after the company determines that it has experienced a material cybersecurity incident.

2. U.S. Government Urges Critical Infrastructure to Prepare for Russian Cyber Attacks

U.S. Federal agencies have issued joint alerts which warn of the threat of Russian state-sponsored cyberattacks and other threat actors which target critical infrastructure within the United States.

3. State Data Privacy Rolls on in 2022

Patchwork privacy laws continue to grow in the United States as Utah follows Virginia, Colorado and California with its own consumer data privacy law. More states are expected to follow in 2022. 

4. Senate Passes Cyber Incident Notification Legislation

Shortly after the State of the Union Address, the U.S. Senate marked a major milestone by passing a broad reaching cyber bill.  The bill mandates reporting of cyber incidents for critical infrastructure and allows for better cooperation among U.S. agencies.

5. TransUnion and the 'No Harm No Foul' Effect on Data Privacy

Various cases are applying the new tests of standing and harm set forth by the Supreme Court in its TransUnion decision. These cases, many in their early stages, will provide a testing ground for data privacy and breach arguments. 

Baker Botts recognizes that data-protection and privacy issues are a concern for all companies that gather, store, or process the sensitive or personal information of their customers, third parties or employees. Privacy regulations around the world change constantly and the growth in technology available to transfer, manipulate, process, and access data shows no sign of abating. Learn more about our Privacy and Data Security practice here.

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