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Aggressive Liability Theory Does Not Eliminate Obstacles To Banks’ Claims In Target Data Breach Class Action

The latest salvo in the Target data breach litigation is a class action brought by credit card issuing banks advancing a creative and somewhat misleading construction of the Minnesota’s Plastic Card Security Act. The banks...more

The SEC Cybersecurity Roundtable: Indicator of Things to Come?

Starting with the Securities and Exchange Commission's January 2014 announcement that cybersecurity is a priority in its National Examination Program, SEC Chair Mary Jo White and others at the SEC have continued to stress the...more

Banks Withdraw Lawsuits Against Target and Trustwave

UPDATE to our story yesterday: In what apparently is a big “oops,” two banks that took legal action against Target over its recent data breach have withdrawn their claims. The suits were withdrawn due to an erroneous...more

SEC Holds Cybersecurity Roundtable

On Wednesday, March 26, 2014, the Securities and Exchange Commission conducted a roundtable discussion on cybersecurity and the issues and challenges cyber-threats present for public companies, exchanges, and market...more

Romanian DPA Approves Use Of BCRs

Yesterday (27 March 2014) the Romanian DPA approved a decision on the use of Binding Corporate Rules (BCRs)....more

New Privacy Regulations Exempt Commercial Credit Providers From EDR

Commercial credit providers and utilities are not required to join a recognised external dispute resolution scheme to participate in credit reporting until 12 March 2015. ...more

Commercial Financial Services Brief: Can My Bank Recover Costs Related to Replacing Debit or Credit Cards?

Many financial institutions are counting the costs they are incurring for replacing customer debit or credit cards as a result of recently discovered security breaches at various national retailers. These costs will be...more

Senate Committees Hold Data Security Hearings

On Monday, February 3, and Tuesday, February 4, the Senate Banking and Senate Judiciary Committees (respectively) held hearings on the topic of data security and breach notification. Witnesses at both hearings included...more

CFPB Issues Advisory Regarding Recent Retailer Data Breaches; Congressional Activity Increases

On January 28, the CFPB issued a consumer advisory in response to recent reports of data breaches at several large retailers. In addition to providing tips for consumers in the wake of a retail breach, the advisory encourages...more

Are You Another Target for Hackers? 2014 Cybersecurity Risk Disclosure Reminder

As calendar-year public companies approach annual reporting season, issuers should consider whether or not their current risk factor disclosures, as well as their “forward looking statements” language, are adequate in light...more

New Personal Data Protection Law

On 21 May 2013, the Parliament of the Republic of Kazakhstan adopted the Law “On Personal Data” (the “Personal Data Law”), which entered into force on 25 November 2013. The Personal Data Law affects all commercial and...more

Are You a Target?

As has been widely reported, the popular retail giant Target announced yesterday that it suffered a data breach impacting approximately 40 million credit and debit card accounts used in Target stores across the country...more

PCI DSS 3.0: Business as Usual?

In the past, critics of the Payment Card Industry (PCI) Data Security Standard (DSS) have alleged that the DSS requirements either (1) provide little more than a minimal baseline for security with a “check-the-box” compliance...more

Latest CFPB Rulemaking Agenda Adds Some New Initiatives, Updates Timelines For Others

On December 3, the CFPB released its fall 2013 rulemaking agenda, part of the broader government Unified Agenda initially published last week. The CFPB’s latest agenda pushes back the timelines on several key initiatives, but...more

Genesco Wins One, Loses One in Its Case Challenging PCI DSS Fines and Assessments

On November 25, 2013, Chief Judge William Haynes filed the latest order in Genesco v. Visa, Civ. No. 3:13-cv-00202 (M.D. Tenn.). In his one-line order, Judge Haynes denied Genesco’s motion for partial summary judgment...more

NACHA Proposes Rules To Improve ACH Network Quality

On November 12, NACHA, which manages the development, administration, and governance of the ACH network, released two proposed rules that it describes as complementary approaches to improving ACH Network quality by reducing...more

Fraud Responsibility: Revamp the Rules?

One key provision of Article 4A of the Uniform Commercial Code, which deals with reasonable security measures for banks, needs to be dropped, contends attorney Dan Mitchell, who represented PATCO Construction in a...more

Payment Card Group Refines Data Security Standards

On November 7, the PCI Security Standards Council (PCI SSC), an organization that develops standard for payment card security, released updated data security standards. One standard applies to entities involved in payment...more

Public Record Requests—New Scope of Confidentiality and Disclosure Requirements Under Nevada's Public Records Act

In a recent en banc opinion affecting all Nevada public entities, the Nevada Supreme Court addressed the scope of confidentiality under Nevada’s Public Records Act, NRS 286.110(3)(“the Act”)....more

Credit Law Regulatory Update – The Year in Review and What’s Next

The 23rd Annual Credit Law Conference was held on 2 October – 4 October 2013 and attended by over 200 delegates from the financial services industry. The Conference provided an informative overview of key changes that will...more

APRA Releases Prudential Practice Guide On Managing Data Risk

The Australian Prudential Regulation Authority ("APRA") has issued the final version of its new prudential practice guide, "Prudential Practice Guide CPG 235 - Managing Data Risk" ("Data Guide"). The Data Guide aims to assist...more

OSFI Releases Cyber Security Self-Assessment Guidance

On October 28, OSFI released its Cyber Security Self-Assessment Guidance (the “Guidance”) to aid Federally Regulated Financial Institutions (“FRFI”) in assessing its level of preparedness against cyber risks. The Guidance was...more

SEC Continues to Target Cybersecurity Disclosures

Over the past two years, the U.S. Securities and Exchange Commission’s Division of Corporation Finance (Corp Fin) has highlighted the importance of cybersecurity disclosures in filings with the SEC. Corp Fin’s initiative...more

Reminder -- Compliance Date for Identity Theft Red Flags Rules is November 20, 2013

As a reminder, the Identity Theft Red Flags Rules jointly adopted by the SEC and CFTC, which took effect on May 20, 2013, have an upcoming compliance date of November 20, 2013. Under these rules, certain SEC and...more

Canadian Cyber-Security Guidance For Financial Institutions

Espionage and criminal heists have enduring popularity whether as news or cultural entertainment. However, it is not just big business for reporters, authors and producers. ...more

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