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Your daily dose of financial news - The Brief – 9.28.16

It wasn’t exactly a direct reaction to his testimony on the Hill, but Wells Fargo CEO John Stumpf didn’t do himself any favors there, and Wells Fargo’s Board has announced that it will claw back an estimated $41 million in...more

New York Proposes First-in-the-Nation Cybersecurity Regulation for Financial Institutions

On September 13, 2016, the New York Department of Financial Services introduced a new rule that would require banks, insurance companies and other financial institutions regulated by the Department to establish and maintain a...more

The (Regulated) Rise of the CISO

The proposed New York Department of Financial Services Cybersecurity Requirements for Financial Institutions (the “Regulation”) has many different aspects that are designed to bring about overall improvement in cybersecurity...more

New York Proposes Required Cybersecurity Programs for Financial Institutions

In an unprecedented effort to protect New York State’s financial services industry from cyber threats, Governor Andrew M. Cuomo announced a proposed regulation that requires banks, insurance companies, and other financial...more

What You Must Know about New York’s Proposed Cybersecurity Regulation for the Banking, Insurance, and Financial Services Sectors

Last week, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more

New York State Proposes New Cybersecurity Regulation

The New York State Department of Financial Services (“DFS”) has proposed a new regulation imposing significant new cybersecurity requirements on banks, insurance companies, and other financial services institutions regulated...more

Time to Disrupt Insurance Regulation?

Innovators are not only disrupting the financial industry but also financial regulation as regulators weigh how to monitor financial technology (fintech) innovators and their new products and services. As they begin to...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

The Marijuana Industry’s Big Win: The DEA’s Refusal to Reschedule

Earlier this year, when the U.S. Drug Enforcement Agency (DEA) indicated it would have an announcement regarding a now five-year-old petition to reschedule cannabis, numerous industries on the “outside looking in” were...more

Congressional Report Finds FDIC Data Breach Response Obstructed Congressional Oversight

On July 12, the U.S. House of Representatives Committee on Science, Space, and Technology (the “Science Committee”) released a report regarding its investigation of an October 2015 data breach and the subsequent response of...more

The Blockchain: Beyond Bitcoin

Blockchain - While many people in the U.S. are still skeptical that bitcoin will become a mainstream currency, both private and public sectors are gaining interest in the idea that the underlying blockchain technology...more

Practical Cybersecurity Guidance from TheCityUK and Marsh

TheCityUK and Marsh have jointly published a report urging UK financial and related professional services sectors to step up their efforts to address cyber risk. The report (headed “Cyber and the City”) suggests that...more

Digital Health: An Improving Environment for Investors

The integration of technology into health care delivery is exploding throughout the health industry landscape. Commentators speculating on the implications of the information revolution’s penetration of the health care...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

It’s Insurance: The Financial Institution Bond

Formerly known as a bankers blanket bond, and sometimes referred to as a fidelity bond, the financial institution bond as it is commonly known, is simply an insurance policy. Though the term “insurance policy” does not...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

Arizona Federal District Court Finds No Coverage for P.F. Chang’s for PCI Assessments

In one of the first decisions construing coverage under a stand-alone cyber insurance policy in the wake of a large-scale cyber security breach, the Arizona Federal District Court rejected restaurant franchisor P.F. Chang’s...more

IAIS Secretary General Considers Path to International Cybersecurity Standard

Last week, the National Association of Insurance Commissioners (NAIC) hosted the 2016 NAIC International Insurance Forum. The Forum addressed topics such as the management of catastrophic disaster risks, industry perspectives...more

.Insurance: What You Need to Know About the Newest Internet Domain Name

Yesterday, the new .insurance Internet top-level domain opens up to members of the insurance industry and will be awarded on a “first-come, first-served” basis. Below is what your organization needs to know about...more

Technological and Information Concerns Highlight NAIC Spring 2016 National Meeting

The National Association of Insurance Commissioners (NAIC) Spring 2016 National Meeting, which was held from April 3 – 6 in New Orleans, offered insight into numerous issues being considered by state commissioners nationwide....more

44,000 FDIC customers’ data “inadvertently” taken by former employee

In a memo outlining a security incident as required by the Federal Information Security Modernization Act of 2014, the FDIC has admitted that the data of 44,000 FDIC customers was “inadvertently” taken by an employee as the...more

Are You Adequately Protected by Your Cybersecurity Insurance? The Sky is the Sub-Limit

For businesses and nonprofit organizations searching for cyber insurance, it is important to know if your coverage limits are adequate. Whether you are in the market for a new policy or renewing an existing one, you should...more

UK Financial Regulatory Developments - March 2016 #11

LEIROC publishes parent data collection policy - LEIROC has published its process for the first phase of collecting data on the direct and ultimate parents of legal entities in the Global LEI System (GLEIS). This follows...more

[Webinar] Protecting Against Wire Transfer Fraud: Limiting Your Company's Exposure - Feb. 25th, 1:00pm CST

Beyond the headlines, the latest cyberattacks target corporate bank accounts, rather than consumer credit cards. The FBI has been warning that wire transfer fraud is booming. The billion-dollar problem targets businesses --...more

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