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New York’s Cybersecurity Regulation: A Global Blueprint?


Speaker(s): Avram Kornberg, Craig A. Newman, Eric M. Friedberg
Recorded on: Jan. 31, 2017
PLI Program #: 208328

Craig A. Newman is a recognized leader in both complex financial litigation and global cybersecurity. As a seasoned litigation partner and former General Counsel at both a multi-billion dollar international private equity firm and a Fortune 500-owned media consortium, Craig is steeped in key issues currently facing global organizations and often fills the role of senior outside advisor to his clients. He also chairs Patterson Belknap’s Privacy and Data Security Practice, is a founding contributor to the firm’s blog, www.DataSecurityLaw.com, and was recognized by The National Law Journal as one of 2015’s "Cybersecurity & Data Privacy Trailblazers."

Craig’s practice focuses on litigation involving sophisticated financial products, including swaps and derivatives, special litigation committee and board investigations, advising boards and organizations on cybersecurity, including data breach preparedness and cyber insurance assessment, and representing public, private, and non-profit institutions victimized by data breaches. He also handles litigation in a range of venues involving high-stakes claims of securities and accounting fraud, shareholder derivative litigation, M&A litigation, commercial disputes, and SEC, HUD and FTC investigations and enforcement matters. His clients include Fortune 500 companies and their boards and leadership teams, financial institutions, hedge and private equity funds, international investment firms, media and technology companies, manufacturers, healthcare providers, non-profit institutions, insurance companies, and private investors.

Maintaining his roots in journalism, where he began his career at age sixteen as a stringer for the Associated Press and later earned a Pulitzer Prize nomination, Craig appears regularly on national television including CNBC, CNN, and Bloomberg TV, discussing issues that range from litigation and corporate governance to the latest developments in cybersecurity. He has also written for The New York Times, The Washington Post, The Wall Street Journal, and Financial Times. Craig’s deep media background is another asset in his representation of major companies as he is always sensitive to the “headline risk” in high profile matters.

Craig is a sought-after speaker for industry and professional conferences, including the Tulane Corporate Law Institute M&A Conference and those sponsored by the U.S. Department of Homeland Security.

His recent work includes:

Litigation

  • An international investment conglomerate and holding company in a $10 billion complex financial fraud action relating to a secured lending facility;
  • A multinational manufacturing technology company in breach of fiduciary duty litigation arising out of the sale of two U.S. affiliates;
  • A U.S.-based hedge fund in litigation against a British financial institution relating to the termination under ISDA documentation of a $1.5 billion total return swap portfolio of corporate loans and bonds; and
  • Majority lenders and financial institutions in litigation with minority lenders related to covenant defaults and the foreclosure of a major international resort property that served as collateral for both term and revolving loan facilities.

Cybersecurity

  • Corporate boards and leadership teams concerning data security assessments, breach preparedness, breach response, oversight responsibilities, and internal investigations;
  • A Fortune 100 company and its senior management in an internal investigation and litigation related to a data breach and the public disclosure of confidential and proprietary corporate information;
  • Fortune 1000 multi-state healthcare company in internal investigation related to data security;
  • A prominent investment management organization in a data breach response and subsequent investigation relating to "Business Email Compromise," fraudulent Automated Clearing House wire transfers and violations of the Computer Fraud and Abuse Act;
  • Investment advisers and investment funds in preparing and implementing comprehensive data security plans including incident response protocols to comply with SEC requirements; and
  • A university in connection with a cyber-attack relating to highly confidential student records.

Board Representation and Investigations

  • The Special Board Committee of an NYSE-listed financial institution in an internal investigation into compliance and regulatory matters arising out of participation in HUD programs and subsequent shareholder derivative litigation in both state and federal court;
  • A federally appointed Receiver in a securities fraud civil enforcement action instituted by the U.S. Securities and Exchange Commission, and related U.S. Department of Justice investigation, arising out of a multi-million dollar Ponzi scheme;
  • A non-profit enterprise in an investigation into a DDos attack of its content management system, illegal content transfers and violations of the Computer Fraud and Abuse Act;
  • An NYSE-listed company in an investigation into the hacking of non-public information by a business competitor; and
  • A faculty member of a major educational institution in an investigation related to allegations of plagiarism and copyright infringement.

Admissions

  • New York
  • District of Columbia
  • Michigan

Honors

Named among The National Law Journal's 2015 “Cybersecurity & Data Privacy Trailblazers;" Burton Award winner for Distinguished Legal Writing; Member, Cronkite School of Journalism and Mass Communication Hall of Fame; Bernard Kilgore Fellowship awarded by The Society of Professional Journalists/Sigma Delta Chi and The George Washington University; Nathan Burkham Copyright Award, the American Society of Composers, Authors and Publishers Intellectual Property Award

Professional Activities

  • Trustee, Arizona State University;
  • Chairman of the National Board of Advisors at the Cronkite School of Journalism at Arizona State University;
  • Member, Bloomberg Law Innovation Advisory Board;
  • Member, Lexis/Nexis Privacy & Cybersecurity Law Report’s Editorial Board;
  • William Randolph Hearst Visiting Professional (Law and Regulation), Cronkite School of Journalism & Mass Communication, Arizona State University;
  • Member, Media Council, The Paley Center for Media;
  • Faculty, Practising Law Institute;
  • Member, National Association of Corporate Directors;
  • Chief Executive Officer of the Freedom2Connect Foundation, a Washington, D.C.-based non-profit organization focused on global Internet censorship issues (2012-2016); and
  • Advisory Board Member of Newsy, the news and information service for mobile devices, which is owned by the E.W. Scripps Company (2011-2015).

Practices & Industries

Education

  • University of Detroit School of Law (J.D., with honors, 1984)
    • Editor-in-Chief, Law Review
    • Burton Academic Scholar
    • Bernard Kilgore Fellowship
  • University of Missouri - Columbia School of Journalism (M.A., 1981)
  • Arizona State University (B.S., 1979)


Eric Friedberg is a seasoned executive with 30 years of public and private sector experience in law, cyber-crime response, IT security, forensics, investigations and e-discovery. His expertise is sought by boards, audit committees, law firms, and the courts. He has helped many Fortune 500 companies improve their governance and technology initiatives and their cyber regulatory compliance. He has led Stroz Friedberg over 16 years from a start-up into a $150m, 550-person consulting and technical services firm with nine U.S. and four foreign offices. While always a principal business developer and leader of major client assignments, he has overseen geographic and service line growth, M&A, infusions of $150m in private equity capital, board interactions and, in late 2016, the sale of the company to Aon plc. Before the sale, Mr. Friedberg was an officer and director of Stroz Friedberg, and a member of the compensation committee.

Before building Stroz Friedberg, Mr. Friedberg was for 11 years a federal prosecutor in Brooklyn, where he led the Computer Crime and Narcotics Units. He began his career as an intellectual property and securities litigator at Skadden, Arps.

Mr. Friedberg is national leader in all forms of computer crime, including attacks by state-sponsored agents, organized crime, hacktivists, and malicious insiders. He has led responses to some of the most serious attacks on the nation’s companies and has conducted enterprise security risk assessments in many sectors, including financial, media and entertainment, Internet, sports, health care, law, consulting, oil and gas, and engineering. He is an expert in incident response governance, technologies, policies, and procedures. He has been quoted extensively on cyber-crime and IT security issues in print, digital and television media, including the Wall Street Journal, the Financial Times, The New York Times, cnbc.com, and Fox Business News.

Mr. Friedberg is also a leader in the fields of e-discovery, forensics and privacy, having managed hundreds of high-profile assignments in those areas, testified as an expert, been appointed by courts as a Special Master, and led the development of methodologies for forensic and privacy investigations. He has lectured extensively and has published book chapters and articles on managing risk and conducting investigations in e-discovery and forensics. He is a member of the advisory board of the privacy think tank, The Future of Privacy Forum, and a member of the International Association of Privacy Professionals. He is a former member of the Sedona Conference’s Working Group 6, which develops e-discovery standards.

At the U.S. Attorney’s Office, Mr. Friedberg was a cybercrime, white collar crime, and narcotics prosecutor and worked extensively with the D.E.A., F.B.I., and U.S. Secret Service. He was also a member of the New York Electronic Crimes Task Force. His most prominent case was the investigation, prosecution and conviction of six accomplices who assassinated a former editor of the New York City Spanish daily newspaper El Diario on orders of the Cali Cartel in retaliation for unfavorable news coverage. For his leadership of the case, Mr. Friedberg received the 1994 Department of Justice Award for Superior Performance. In the cyber arena, Mr. Friedberg investigated and prosecuted cases involving hacking, denial of service attacks, propagation of malicious viruses, illegal data wiretapping, and cyber-extortion.

Mr. Friedberg holds a J.D. from Brooklyn Law School and a B.A. from Brandeis University.