Privacy Finance & Banking

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Two-Factor Authentication May Be Coming to a Bank Near You

When I was at the SEC and online broker-dealers’ customers were the victims of hacking incidents, I used to wonder, why don’t the broker-dealers require multi-factor authentication to gain access to accounts? It was a silly...more

What General Counsel Need To Know About The Latest Cybersecurity Developments

In the wake of reported security breaches at a number of significant financial institutions, cybersecurity is garnering more attention and concern than ever before — both within the financial services industry and among...more

Boom or Bust? Cyber Security and Data Breach Loss in Latin America

Every day in the news we are assaulted by reports of cyber security and data breaches of industry giants, major retailers and financial conglomerates that compromise the privacy and security of millions. In the wake of such...more

Legislative Initiative: The Rhode Island Identity Theft Protection Act of 2015

President Barack Obama recognized in a speech he gave at the Federal Trade Commission on January 12th that identity theft poses a direct threat to the financial security of Americans. ...more

FINRA Issues its Cybersecurity Report, Providing Tools and Encouragement to Broker-Dealers

FINRA recently issued a Report on Cybersecurity Practices (“Report”), growing out of its targeted examination of firms last year. To issue the Report, FINRA gave careful consideration to the needs of many broker-dealers for...more

Standing in Data Breach Cases – Still a Moving Target

Where do we stand on standing in data breach cases? It depends on which court you ask. In December 2014, two courts considered whether plaintiffs alleged sufficient injury in their complaints involving well-known data...more

Communicating with Family Members After the Death of a Customer

Your bank customer has died. Her husband, who is well known to the bank, calls to discuss his deceased wife’s account and seeks to “add” his name to the account so he can access some of the funds for funeral expenses. You...more

Eye on Privacy Newsletter - February 2015

In this issue: - Privacy and Data Security in Transactions: What's the Deal? - Consumer and Financial Institution Class Actions Survive Motions to Dismiss in Target Data Breach Litigation - California Amends...more

2015 SEC Speaks Conference: SEC to Balance Broad Enforcement Agenda and Initiatives with Focus on Core Mission

The U.S. Securities and Exchange Commission (SEC) touted an expansive regulatory agenda at this year’s “SEC Speaks” conference, held February 20-21, 2015, in Washington, D.C. At this year’s Speaks, SEC representatives...more

Industry Trade Groups Urge Congress to Pass Legislation to Protect Consumers from Data Breaches

On February 12, seven industry trade associations co-authored a letter to Congress regarding anticipated data breach legislation. The letter urges Congress to protect its constituents from the impact of identity theft and...more

Record penalty against payday lender

As previously reported, on 26 August 2014, the Federal Court determined that The Cash Store Pty Ltd (in liquidation), a payday lender, and Assistive Finance Australia Pty Ltd, a loan funder, committed seven separate breaches...more

Protecting Consumer Data in Sale of Debt Portfolio

On February 5, 2015, the Federal Trade Commission sent a letter to the Consumer Financial Protection Bureau (“CFPB”) describing its consumer protection efforts in 2014 in the area of debt collection. As reflected in the...more

Update on President Obama’s “Summit on Cybersecurity and Consumer Protection,” Part III: Five Key Lessons for Business

Concluding our three-part analysis of the White House’s first Summit on Cybersecurity and Consumer Protection, we turn to some practical advice coming out of the Summit’s afternoon session, including an address by Maria...more

Insurance Topics We Will Be Watching in 2015

With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2015. Forces, trends and events that we believe will affect regulation, transactions and...more

New York Department of Financial Services Announces New Cyber Security Measures Directed at Strengthening Insurers' Cyber Defenses

The New York Department of Financial Services (NYDFS) announced last week a series of measures it plans to take “to help strengthen cyber hacking defenses at insurers.” Those measures include, among other things: regular,...more

Time for an Updated Cyber Risk Approach; BPI Data Breach

Our traditional approach to cyber risk and security has been focused on privacy and financial data. The data breach or loss concerns that typically rank high on our risk ratings are private and confidential data like names...more

Attention Commercial Credit Providers – Deadline Looms and Uncertainty on EDR

Commercial credit providers (CCPs) may be required, by the current Australian privacy laws, to join an external dispute resolution (EDR) scheme (EDR scheme) by 12 March 2015 if they wish to continue participating in credit...more

NYS Announces New Assessments Of Insurers’ Cybersecurity Practices

On February 8, 2015, the New York State Department of Financial Services (“DFS”) issued a Report on Cyber Security in the Insurance Sector (the “Report”) and disclosed a series of steps it will be taking to bolster...more

They’re Watching You. How Debt Collectors Use Facebook and Your Credit Report to Keep Tabs on You

It is almost as if they are watching you. Debt collectors seem to appear out of nowhere anytime something positive happens. While you may believe you are just unlucky and that you can’t seem to shake that grey cloud hanging...more

Secure Sockets Layer (SSL) 3.0 Encryption Declared “No Longer Acceptable” to Protect Data

On Friday, February 13, 2015, the Payment Cards Industry (PCI) Security Standards Council (Council) posted a bulletin to its website, becoming the first regulatory body to publicly pronounce that Secure Socket Layers (SSL)...more

OCIE's Cybersecurity Risk Alert Provides Insight For Investment Advisers Into Peer Practices

On February 3, 2015, the SEC's Office of Compliance Inspection and Examinations ("OCIE") released a risk alert titled Cybersecurity Examination Sweep Summary providing an overview of how investment advisers and broker-dealers...more

Bridging the Week - February 2015 #3

CFTC Chairman Calls for Increased Funding and Discusses Priorities During Congressional Testimony - Timothy Massad, Chairman of the Commodity Futures Trading Commission, appeared before members of the House of...more

A Few Takeaways from the OCIE Cybersecurity Examination Sweep Summary

On February 3, 2015, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert (the “2015 Risk Alert”) with summary observations from its recently...more

FINRA Issues Cybersecurity Practices Report And Investor Guidance

On February 3, the Financial Industry Regulatory Authority (“FINRA”) issued two publications concerning cybersecurity risks at financial firms. The Report on Cybersecurity Practices presents the results of FINRA’s 2014...more

Update on President Obama’s “Summit on Cybersecurity and Consumer Protection,” Part I

The first ever Summit on Cybersecurity and Consumer Protection was convened today at Stanford University, keynoted by President Obama. The purpose of the summit: to “bring[] together major stakeholders on consumer financial...more

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