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Cybersecurity: Mitigating the Legal Risks of On-Line Banking With Business Customers

On-line or electronic banking (“e-banking”) offers many well-known advantages to financial institutions engaged in banking and to their business customers. A significant risk of on-line bank accounts for both financial...more

Update: Proposed Settlement in Target Data Breach Litigation

The proposed settlement agreement in the Target data breach consumer litigation that we reported on on March 19, 2015 has been approved by the judge, and a final approval hearing set for November 10, 2015. Based on this...more

EMV Credit Cards Are Coming, But Consumers Must Stay Vigilant

Major credit card companies, including Visa, MasterCard, Discover, and American Express, have announced plans to switch to EMV cards in the United States over the course of 2015. ...more

Reps. Burgess, Blackburn and Welch Release Data Breach Bill

On Thursday, March 12, 2015, House Energy & Commerce Subcommittee on Commerce, Manufacturing, and Trade Chairman Michael Burgess (R-TX), along with Reps. Marsha Blackburn (R-TN) and Peter Welch (D-VT), released draft text of...more

Food Industry Continues to Face Data Privacy and Security Risk

In 2014, grocers and restaurants continued to be plagued by attacks leading to the theft of credit card information. Among others, Supervalu Inc. and Jimmy John’s both experienced intrusions in 2014, extending the string of...more

Court's Interpretation of Merchant Services Agreement Limits Retailer's Liability to Card Brands for Data Breach

On January 15, 2015, the U.S. District Court for the Eastern District of Missouri ruled that fees, assessments and costs imposed by the credit card brands on Schnuck Markets, Inc. (Schnuck), a grocery chain estimated to have...more

CFTC to Host Roundtable on Cybersecurity and System Safeguards Testing

On March 18, Commodity Futures Trading Commission staff will hold a public roundtable on cybersecurity and system safeguards testing. The roundtable will focus on improving system safeguards testing requirements, including...more

Bridging the Week - March 2015 #2

FCA Sanctions Bank of Beirut, Former Compliance Officer and Former Internal Auditor for Providing Misleading Information Regarding AML Systems and Controls Remediation - The Bank of Beirut was fined GBP 2.1 million...more

New Measures Clarify Consumer Protection Rights in China, Stipulate Penalties for Misconduct

On Jan. 5, 2015, the Chinese State Administration for Industry and Commerce (“SAIC”) promulgated the Penalty Measures for Infringement on the Rights and Interests of Consumers (the “Measures”), which will take effect on March...more

Privacy Tuesday – March 2015: How is Your Cyber Resilience?

Welcome to March (and in the Northeast, the arrival of meterological spring is welcome indeed……) We start this month with a question: Have you looked at your cyber resilience?...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - 2015 Legislative Agenda Includes Dodd-Frank Revisit and Cybersecurity. Enforcement - SEC Enforcement Action Underscores Importance of Custody Rule Compliance - Joint SEC/State...more

SIFMA Gets Its Cybersecurity-Antitrust Wish

I’m sure you remember SIFMA’s Principles for Effective Cybersecurity Regulatory Guidance, issued last October. I mean, you read about them right here. One of the principles was this: Principle 9: Information Sharing...more

Update: Transaction Processors Appeal Order Denying Third-Party Fees after Cyber Attack

In early February, this blog discussed a case involving a grocery store chain that was a victim of a cyber-attack and its transaction processors. See Schnuck Mrkts. v. First Data Merchant Servs Corp., No. 4:13-cv-2226-JAR,...more

The SEC and FINRA Will Continue to Audit the Financial Services Industry to Ensure Cybersecurity Protocols Are Current and Viable

On February 2, 2015, Wilson Elser released an overview entitled Corporate Hacking and the Financial Services Industry that provided in-house counsel with talking points to better discuss and understand their corporate...more

Eye on Privacy Newsletter - February 2015

In this issue: - Privacy and Data Security in Transactions: What's the Deal? - Consumer and Financial Institution Class Actions Survive Motions to Dismiss in Target Data Breach Litigation - California Amends...more

2015 SEC Speaks Conference: SEC to Balance Broad Enforcement Agenda and Initiatives with Focus on Core Mission

The U.S. Securities and Exchange Commission (SEC) touted an expansive regulatory agenda at this year’s “SEC Speaks” conference, held February 20-21, 2015, in Washington, D.C. At this year’s Speaks, SEC representatives...more

Insurance Topics We Will Be Watching in 2015

With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2015. Forces, trends and events that we believe will affect regulation, transactions and...more

Attention Commercial Credit Providers – Deadline Looms and Uncertainty on EDR

Commercial credit providers (CCPs) may be required, by the current Australian privacy laws, to join an external dispute resolution (EDR) scheme (EDR scheme) by 12 March 2015 if they wish to continue participating in credit...more

OCIE's Cybersecurity Risk Alert Provides Insight For Investment Advisers Into Peer Practices

On February 3, 2015, the SEC's Office of Compliance Inspection and Examinations ("OCIE") released a risk alert titled Cybersecurity Examination Sweep Summary providing an overview of how investment advisers and broker-dealers...more

Bridging the Week - February 2015 #3

CFTC Chairman Calls for Increased Funding and Discusses Priorities During Congressional Testimony - Timothy Massad, Chairman of the Commodity Futures Trading Commission, appeared before members of the House of...more

Going for Brokerage: SEC Report Highlights Best (and Worst) Practices in Cybersecurity Preparedness

On February 3, 2015, the U.S. Securities and Exchange Commission released a Risk Alert addressing cybersecurity issues at brokerage and advisory firms, along with suggestions to investors on ways they can protect themselves...more

New York State releases cybersecurity report on insurance industry, will assess New York-regulated insurers’ cybersecurity

The New York Department of Financial Services has released its Report on Cyber Security in the Insurance Sector and announced it will begin conducting targeted cybersecurity assessments of New York-regulated insurance...more

PCI Council: SSL Will No Longer Be Sufficient for E-Commerce

In the latest edition of the PCI Council’s Assessor Newsletter, the Council previewed a proposed change related to the use of Secure Socket Layer (SSL) protocol for encrypting communications between your website’s e-commerce...more

SEC Releases Results of Cybersecurity Examination Sweep

By Rochelle Emert and Phillip Caraballo-Garrison On February 3, 2015, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert that summarized its findings about cybersecurity preparedness in...more

SEC Publishes Industry Alert on Cybersecurity

On February 3, the SEC released a set of publications – a Risk Alert and an Investor Bulletin – assessing the level of cybersecurity at broker-dealers and advisory firms and highlighting best practices that allow investors to...more

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