Courtroom battle between law firm and SEC raises questions about cyber regulators, out-of-bounds information
- It blamed the hack on “state-sponsored” Chinese hackers who focused on a “small group of lawyers and advisors” and tried to gather information on issues of interest to China ahead of the Biden administration, the firm wrote in a letter disclosed by the SEC.
- Around 300 of Covington’s SEC-regulated clients were affected, according to the letter.
- The firm cooperated with the FBI “within days” of discovering the hack, it said in the letter.
The subpoena and court case
- The firm also warned that the push could hurt voluntary cooperation by disincentivizing law firms from disclosing potential cyberthreats to the government in the future.
- But Commissioner Mark Uyeda told Law360 that he has “concerns about us doing enforcement actions against law firms where you have potential privileges at stake.”
Recently, @CISAJen said that “cybersecurity is a team sport.” “Each and every one of us are a member of Team Cyber.”
Folks from the private sector are on the front lines, and other government entities captain Team Cyber, but I think the SEC has a key role to play. pic.twitter.com/K6ttASbiRy
— Gary Gensler (@GaryGensler) January 24, 2022
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