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NAIC Cybersecurity Task Force Weighs Credit Freezes

On May 24-25, the NAIC Cybersecurity (EX) Task Force held an interim meeting to hear comments from various industry trade organizations and other interested parties on the proposed Insurance Data Security Model Law exposed...more

Best Practices to Thwart Hackers Using Email to Get Your Money

Not a week goes by without some news report of another hacking incident. The industries targeted include large retail stores, restaurants, banks, attorneys, accountants and recently in Maryland, a title company. In...more

Oracle’s MICROS Point of Sale Division Hacked

KrebsonSecurity has reported that the Russian organized cybercrime group dubbed the Carbanak Gang, which in the past has been suspected of stealing more than $1 billion from banks, retailers and hotels and restaurants...more

Kimpton Hotels investigates credit and debit card breach

Kimpton Hotels and Restaurants has announced that it is investigating a point-of-sale credit and debit card breach affecting approximately two dozen of its properties in the U.S....more

New guidance for outsourcing to the cloud published

The FCA have now published their guidance on outsourcing to the cloud for financial services organisations in the UK. This guidance, which follows on from a consultation exercise which took place at the start of the year,...more

Learning from Venmo’s Compliance Issues: How to Avoid Inadequate Privacy Disclosures

PayPal, the company responsible for the popular mobile payments app, Venmo, recently agreed to voluntarily bolster its privacy and security disclosures—and pay a $175,000 penalty—in response to an enforcement action brought...more

FSOC on Fintech Risks, Cybersecurity Vigilance

An annual report from the Financial Stability Oversight Council (FSOC) recently focused on the risks presented by the burgeoning fintech industry as well as the continuing "pressing concern" of cyber threats and...more

Wendy’s reports over 1,000 restaurants affected by breach announced earlier this year

Back in May of this year, Wendy’s reported “fewer than 300” locations had been hacked by malicious malware that targeted customer credit card information. Last week, Wendy’s released a list of 1,025 restaurant locations that...more

Omni Hotels latest hotel chain hit with malware

Omni Hotels notified guests on Friday, July 8, 2016, that its point of sale systems were compromised with malware from December 23, 2015, through June 15, 2016....more

Home Depot Challenges Banks’ Standing to Recover Losses Related to Data Breaches

In the aftermath of major data breaches at deep-pocketed retailers and other businesses, there is typically no shortage of litigants who move quickly to seek compensation from the business at which the breach occurred. But...more

CFPB Amends GLBA Rules to Permit Exemption from Annual Notice Requirement

On July 1st, the CFPB proposed to amend Regulation P under the Gramm-Leach-Bliley Act (GLBA) to implement the statutory changes made by the Fixing America’s Surface Transportation Act (see prior post) that provided financial...more

SEC Cyber Update: Official Outlines Active Role for SEC on Cybersecurity as Enforcement Questions Persist

SEC Chicago Regional Director David Glockner spoke at a PLI Conference in New York on June 6 regarding the SEC’s data security regulations and enforcement efforts. Mr. Glockner acknowledged frustration with the Division of...more

Five Ways that Brexit Will Complicate Cross-Border M&A

This week's referendum in the UK and the decision for Great Britain to exit the European Union (EU) has caused turmoil in financial markets. For M&A practitioners, however, the impact is only just beginning. Below are five...more

Defining the Contours of Cyber Coverage for Data Breach: a Warning in Arizona

A year ago in this space, we looked at the receding wave of coverage litigation regarding whether various cyber-related exposures were covered under traditional policies, such as CGL and professional liability policies. ...more

Does Your Company Have Coverage for PCI Fines & Penalties in its Cyber Policy?

Payment Card Industry fines and penalties are fines charged by payment card brands like Mastercard and Visa to merchants’ acquiring banks for violation of their industry rules and regulations, which often occurs when there is...more

NAIC Cybersecurity Task Force Weighs Credit Freezes

On May 24-25, the NAIC Cybersecurity (EX) Task Force held an interim meeting to hear comments from various industry trade organizations and other interested parties on the proposed Insurance Data Security Model Law exposed...more

Your Organization is Impacted by Ransomware - Now What?

Some forms of cyber extortion are automated and not targeted at any specific victim. For example, “ransomware” refers to a type of malware that prevents users from accessing their systems unless, and until, a ransom is paid....more

District Court Grants Summary Judgment Against P.F. Chang’s In Cybersecurity Insurance Case

On June 13, 2016, the United States District Court for the District of Arizona granted summary judgment against P.F. Chang’s China Bistro, Inc. (“P.F. Chang’s”) in a cybersecurity insurance lawsuit that it brought against its...more

The CFPB and Data Security Enforcement

The Consumer Financial Protection Bureau (CFPB) announced its intention to act as a data security regulator by releasing its first unfair, deceptive or abusive acts or practices (UDAAP) enforcement action for allegedly...more

SEC Fines Morgan Stanley For Failure to Safeguard Customer Data

Morgan Stanley Smith Barney LLC has agreed to pay $1 million to settle U.S. Securities and Exchange Commission charges that it failed to protect customer information. In an Order issued today, Morgan Stanley agreed to settle...more

Business Litigation Alert: "The Panama Papers: Implications for Business"

The recent press around the "Panama Papers" leads to some serious considerations for businesses that engage outside counsel. As many of you know, the story centers on the leak of 11.5 million internal documents from the...more

Preparing for Increased Cybersecurity Information Sharing

Cybersecurity remains a top focus of government regulators, and the prevailing trend is to encourage information sharing between the government and private entities to combat cybersecurity threats. In line with this theme, on...more

Recent Investment Management Developments - May 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

How to Evaluate a Credit Monitoring Service

Organizations are not, generally, required to offer services to consumers whose information was involved in a breach. Nonetheless, many organizations choose to offer credit reports (i.e., a list of the open credit accounts...more

Wendy’s confirms data breach of point of sale system

Wendy’s confirmed yesterday in its first quarter financial statement that its investigation into a credit card breach did uncover malicious software on its point of sale systems on fewer than 300 of its stores nationwide. It...more

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