With large-scale security breaches announced with increasing regularity by high-profile companies like Yahoo, Equifax, Target, Home Depot and the NFL, issues of privacy and cybersecurity have garnered public attention as legislation tries to keep up with the exponential pace of technology.
Ballard Spahr hosted the Colorado Cybersecurity Summit on Oct. 5. The event gathered in-house counsel, firm lawyers, IT specialists and CPAs for a discussion on the role of law enforce-ment in cybercrime situations, emerg-ing threats and responses and recent changes to Colorado’s cybersecurity laws.
In July, the Colorado Division of Securities became the second state division to enact cybersecurity rules applicable to broker dealers and investment advisors. The rules define confidential personal information including names, Social Security numbers, account numbers for financial information, and email or username and password combinations for online account access. The law also stipulates that investment advisors abide by reasonable cybersecurity practices including an annual assessment, using secure email, authentication methods and an inclusion of a risk disclosure on the usage of electronic communications.
“That action really placed Colorado at the forefront of cybersecurity rules and regulations,” Ballard Spahr partner David Stauss said of the rule adoption.