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Alert: Obama Makes Cybersecurity A National Priority

Over the past two weeks, President Obama has made clear that cybersecurity continues to be a concern, and he and the administration are increasing their focus on the issue. ...more

Courts Address the Level of Security Banks Must Provide to Business Accounts

Big or small, all bank accounts are susceptible to hijacking and fraudulent wire transfers. Banks ordinarily bear the risk of loss for unauthorized wire transfers. Two independent frameworks exist to govern these transfers:...more

Two Governmental Regulators Highlight Cybersecurity Issues In 2015 Priorities

It is no surprise that numerous government regulators have listed cybersecurity amongst their priorities for 2015. This past week, two of these regulators – the Securities and Exchange Commission and the Office for Civil...more

European Banking Authority Releases Internet Payment Guidelines

The European Banking Authority (EBA) released ‘Final guidelines on the security of internet payments’ (Guidelines). These Guidelines are based on the work published by the European Forum on the Security of Retail Payments...more

Virtual Currency, Real Risks

CSBS publishes Draft Model Regulatory Framework to promote consistent state regulation of virtual currency activities and protect consumers in the event of a breach. In March 2014, “Mt. Gox,” one of the largest and best-known...more

EU Cybersecurity Regulations - The Costs of Financial Market Infrastructure Resiliency

Any company that uses information technology is a potential target for data theft, advanced malware and other cyber threats. Cyber threats have emerged as a growing systemic risk particularly to the financial sector in which...more

Bill C-13: Cyberbullying Bill Introduces New Lawful Access Measures

On December 9, 2014, Bill C-13, An Act to amend the Criminal Code, the Canada Evidence Act, the Competition Act and the Mutual Legal Assistance in Criminal Matters Act, also known as the Protecting Canadians from Online Crime...more

President Obama Announces New Cybersecurity Proposals

On January 13, President Obama visited the National Cybersecurity and Communications Integration Center to announce a variety of legislative and administrative proposals, many of which were updates to his 2011 Cybersecurity...more

Debt Collector’s TCPA Violation Does Not Establish FDCPA Violation, Pa. Federal Court Rules

The U.S. District Court for the Middle District of Pennsylvania recently ruled that a debt collector did not violate the Fair Debt Collection Practices Act (FDCPA) because it failed to identify itself at the beginning of a...more

World Economic Forum Releases Framework to Quantify Cyber Threats

In conjunction with its annual meeting this week, the World Economic Forum released a report on its current efforts to develop a common framework to model and quantify the impact and risk of cyber threats. The report...more

Russian Legislation Update

In This Issue: - Financial System Stability - Payment System - Banking - Anti-Money Laundering - Subsoil - Personal Data - Corporate: Notarial certification on the adoption of a company’s decisions;...more

UK: Data Protection - Information Tribunal rule on FOIA exemptions concerning the Tate Gallery and BP

The First-tier Tribunal (Information Rights) has considered whether the Tate Gallery was exempt from disclosing information concerning sponsorship and meeting minutes to BP under sections 41(1) and 43(2) of the Freedom of...more

EDPS publishes Guidelines on data protection in EU financial services regulation

The European Data Protection Supervisor published ‘Guidelines on data protection in EU financial services regulation’ (Guidelines) to be used as a “practical toolkit for ensuring that EU data protection rules are integrated...more

Bridging the Week - January 2015 #3

Cybersecurity, Potential Equity Order Routing Conflicts and AML Among the Top Examination Priorities for SEC in 2015 - The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations...more

FDCPA – Your Consumer Bill of Rights

Debt collection phone calls…this is one of the top reasons people file for bankruptcy – so that they can avoid having to deal with debt collectors and all the garbage that goes with it. The thing is, you shouldn’t have to...more

11th Circuit Addresses Coverage for Alleged Knowing FACTA Violations

In its recent decision in Travelers Prop. Cas. Co. of America v. Kansas City Landsmen, 2015 U.S. App. LEXIS 453 (11th Cir. Jan. 12, 2015), the United States Court of Appeals for the Eleventh Circuit, in a matter of first...more

New York Banks Face New Cybersecurity Exam Process

Why it matters - Adding to the banks’ compliance obligations, effective immediately, banks chartered or licensed in New York will now face an updated cybersecurity examination process, Superintendent of the Department...more

FinCEN Highlights Information Sharing Program Among Regulatory, Law Enforcement Agencies

On January 6, FinCEN released a fact sheet highlighting its Section 314(a) Program of the USA PATRIOT Act. Under the Section 314(a) Program, federal, state, local and foreign law enforcement are able to contact, through...more

Sharing is Caring: The OCC Testifies Before the Senate Banking Committee

On December 10, 2014, Valerie Abend, Senior Critical Infrastructure Officer for the Office of the Comptroller of the Currency (OCC) testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on the...more

Expect Focus - Spot The Regulator, Volume IV, Fall 2014

In This Issue: - IN THE SPOTLIGHT ..Crisis Management: Five Steps to Take Before Providing That Comment - LIFE INSURANCE ..Third Circuit Limits ERISA Fiduciary Liability to those with Ultimate...more

In with the New: 2015 Privacy, Advertising and Digital Media Predictions – Part III

Part III of our 2015 predictions series comes from Of Digital Interest editor and McDermott partner, Heather Sussman, who predicts that states will be active with privacy and data security legislation during 2015....more

Treasury Official Advocates for Cyber Insurance

Why it matters - Reflecting the continued regulatory focus on cyber risks, Deputy Secretary of the Treasury Sarah Raskin has some advice for banks: buy cyber insurance. Speaking at the Texas Bankers’ Association...more

Looking Ahead in 2015: Obama Announces Push for Privacy Legislation in Final Term

President Obama provided a preview of his State of the Union address next week which will propose comprehensive data privacy legislation, including a nationwide data-breach notification law, a Consumer Privacy Bill of Rights,...more

Popular European Bitcoin Exchange Suffers Breach

BitStamp, one of the largest Bitcoin exchanges, suspended its services last week and asked customers not to make deposits following a security breach. On January 4, some of BitStamp’s “virtual wallets,” which permit customers...more

FTC Charges Data Broker With Facilitating Theft Of Millions From Consumer Accounts

On December 23, 2014, the Federal Trade Commission ("FTC") announced the filing of a complaint charging a data broker with selling the sensitive personal information of hundreds of thousands of consumers to third parties that...more

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