Privacy Finance & Banking

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Shelby regulatory relief bill would create GLBA annual privacy notice exception

In addition to the numerous mortgage-related provisions in Senator Shelby’s regulatory reform bill entitled the “Financial Regulatory Improvement Act of 2015,” the bill contains a provision directed at the annual financial...more

Democrats release alternative regulatory relief bill

Democrats on the Senate Banking Committee have released a regulatory relief bill intended to be an alternative to the bill released by Senator Richard Shelby. While Senator Shelby’s bill is entitled the “Financial Regulatory...more

PCI SSC Releases Version 3.1 of Data Security Standard

On April 15, 2015, the Payment Card Industry Security Standards Council (the “PCI SSC” or “Council”) released a new version of its Data Security Standard (“PCI DSS”), version 3.1, which contains numerous updates including,...more

Cyber Resilience for Financial Services Entities

In March this year, the Australian Securities and Investments Commission (ASIC), issued Report 429 Cyber resilience: Health check (REP 429). The report aims to highlight the importance of cyber resilience for entities...more

At least 90 class actions primed for consolidation relative to 2015 Anthem data breach

On February 4, 2015, health insurer Anthem disclosed a data breach affecting the personal and financial information of up to eighty million Anthem members throughout the United States. Beginning the very next day, class...more

Cybersecurity: Integral to Overall Risk Management for Insurers and TPAs

Recent data breaches have brought cybersecurity to the attention of insurance companies, and serve as a reminder to third party administrators ("TPAs") that cybersecurity issues are a serious compliance and regulatory...more

Explaining the Implications for Merchants of EMV and the Liability Shift

The EMV liability shift is coming. Sounds ominous, but what does it really mean? And how can retailers and merchants determine the potential impact of the shift on their business? Like many issues in the payment card...more

Target Court Refuses to Block MasterCard Settlement Reached Prior to Class Certification

In another development in the multi-faceted litigation arising from Target’s December 2013 data breach, Defendant Target announced a tentative $19 million settlement with non-party MasterCard, to resolve claims of...more

The FFIEC Warns Financial Institutions of the Dangers of Cyberattacks Involving Destructive Malware

On March 30th, the Federal Financial Institutions Examination Council (FFIEC) issued two Joint Statements on behalf of its members to warn financial institutions about the threats posed to various credentials by cyberattacks...more

U.S. SEC Division of Investment Management Issues Cybersecurity Guidance

The Division of Investment Management (Division) of the U.S. Securities and Exchange Commission (SEC) issued a Guidance Update on April 28, 2015 (Guidance) relating to the cybersecurity of registered investment companies and...more

Advertising Law - May 2015 #3

U.S. Supreme Court Could Decide Future of Privacy Law Class Actions - The future of consumer class actions alleging privacy violations may be in the hands of the U.S. Supreme Court now that the justices have granted...more

Significant Song-Beverly Developments Continue—Court of Appeal Signals it May Be Ready to Articulate a Bright Line Test of When a...

On May 13, the California Court of Appeal heard oral arguments for Harrold v. Levi Strauss, a case involving the question of whether a retailer violates the Song-Beverly Credit Card Act (“Song-Beverly”) by requesting a...more

Privacy Monday – May 18, 2015

It’s Monday morning — do you know your privacy/security status? Here are a few bits and bytes to start your week. SEC to Registered Investment Advisers and Broker-Dealers: It’s Your Turn to Pay Attention to...more

Do You Have a Data Breach Response Plan? U.S. Department of Justice Thinks You Should

In the wake of significant retailer data breaches in 2013 and 2014, and additional significant breaches continuing in 2015, a trend is clearly developing — an expectation of proactive risk identification and mitigation from a...more

Privacy Concerns Jeopardize Sale of RadioShack Customer Data

When it comes to customer data, privacy and value can be in direct competition. RadioShack’s latest move is a good example. Earlier this week, RadioShack, which filed Chapter 11 bankruptcy in February, commenced an...more

Why the Health Care Industry Needs to Focus on Data-Flow Restrictions in China

U.S. health care providers, device manufacturers, lab managers, health information technology and telemedicine/telehealth project investors, and other industry members involved in projects in China, need to be aware of a long...more

Data Broker’s Appeal to U.S. Supreme Court Could Reshape Future of Data Privacy Litigation

In a case that could shape the future of data privacy litigation, the Supreme Court recently agreed to review the decision by the U. S. Court of Appeals for the Ninth Circuit under the Fair Credit Reporting Act (FCRA) in...more

SEC Division of Investment Management Issues Cybersecurity Guidance for Investment Funds and Advisers

The U.S. Securities and Exchange Commission’s (“SEC”) Division of Investment Management (“Division”) recently released a Guidance Update (“Guidance”) highlighting the importance of cybersecurity for registered investment...more

CFTC’s Market Risk Advisory Committee to Meet on June 2

The Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) will hold a public meeting at the CFTC’s headquarters in Washington, DC on June 2. MRAC will consider issues including the appropriate industry...more

The BakerHostetler Data Security Incident Response Report 2015

The rate of disclosures of security incidents in 2015 continues at a pace that caused many to call 2013 and then 2014 “the year of the breach.” Most incidents are described publicly with attention-grabbing terms such as...more

New York City Law Restricts Employers' Use of Employee or Applicant Consumer Credit Checks

Action Item: New York City employers should evaluate their application and employment policies to ensure compliance with a new law regarding the request and use of applicant and employee consumer credit history that will go...more

2015 BakerHostetler Incident Response Report Deeper Dive—Retailer Liability Arising from Stolen Payment Cards

We released the inaugural BakerHostetler Data Security Incident Response Report, which provides insights generated from the review of more than 200 incidents that our attorneys advised on in 2014. Over the next four weeks, we...more

Cybersecurity Risks and the SEC – You'll Need "Guidance"

The Securities and Exchange Commission ("SEC") is becoming increasingly concerned with cybersecurity risks to which investment advisers may be exposed. Consequently, it has recently issued guidance ("Guidance") as to actions...more

Loretta Lynch Sworn in as New Attorney General – What’s Next?

Newly confirmed Attorney General Loretta Lynch has made it clear that she plans to get tough on financial crime.  During her confirmation hearing in January, Lynch testified that she “looks forward to taking a very aggressive...more

California’s Song-Beverly “Consumer Perception Test” in Jeopardy — Will Retailers in California Be Barred from Requesting Any...

On May 5, 2015, the Ninth Circuit certified for the California Supreme Court the issue of whether the Song-Beverly Credit Card Act (“the Act”) prohibits retailers from requesting a customer’s personal information at the...more

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