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Banking and Financial Services E- Note - December 2014

In This Issue: - Congress Move to Roll Back Bank 'Push-Out' Regulation Meets Anger - NCUA Calls for Retailers to Cover Data Breach Costs - Regulators Propose 8 Biggest Banks Increase Capital...more

Just In Time for the Holidays: More Security Requirements From NIST

National Institute of Standards and Technology (NIST) has published draft recommendations aimed at securing the confidentiality of sensitive federal information located within non-federal entities’ information technology...more

California Attorney General Releases Data Breach Report with Recommendations for Retailers and the Health Care Sector

On October 28, 2014, the California Attorney General (“AG”) released its second annual report detailing the security breaches reported to the AG’s office in 2013, and provided recommendations to both the industry and...more

California Attorney General Releases Breach Report with Key Findings and Recommendations for Retailers, Financial Institutions and...

California Attorney General Kamala D. Harris has released a “California Data Breach Report,” which presents a series of findings and recommendations based on a review of breaches reported to the Attorney General’s office in...more

Company Claims “HIPAA Has No Teeth”, Will Start Notifying Affected Individuals of Security Breaches and Vulnerabilities that Have...

A company named SLC Security, LLC (“SLC”), recently announced that it will begin notifying individuals if it believes it has identified a security breach or vulnerability of a company and it has not received a satisfactory...more

Federal Bills Pursue Comprehensive Data Breach Notification

The recent string of wide-scale data breach disclosures by major retailers has led to a growing call for federal legislation to protect consumer information and establish uniform data breach notification...more

New Data Disposal Law in Delaware Requires Action by Impacted Businesses

While the federal government continues its inaction on data security bills pending in Congress, some U.S. states have been busy at work on this issue over the summer. A new Delaware law H.B. 295, signed into law on July 1,...more

Class Action Plaintiffs Look to Fair Credit Reporting Act for Private Relief from Data Breaches Involving Health Information

A recent class action brought against the University of Miami (“University”) previews what could become an emerging trend among plaintiffs’ class action attorneys to seek damages for the unauthorized disclosure of personal...more

National Cybersecurity Framework Released - Has Your Organization Considered the Implications?

On February 12, 2014, the National Institute of Standards and Technology ("NIST") released the final version of its Framework for Improving Critical Infrastructure Cybersecurity (the "Cybersecurity Framework" or "Framework")...more

Improve Compliance Of Retirement And Group Health Plans In 2014

Retirement plan fiduciaries should consider the following best practices to improve their plan’s governance in 2014: (i) if fiduciary duties have been delegated, make certain that the delegations are in writing and are being...more

NIST Cybersecurity Framework: Is It Going Off The Rails?

In Executive Order 13636, President Obama directed the Secretary of Commerce and the National Institute of Standards and Technology (NIST) “to lead the development of a framework to reduce cyber risks to critical...more

NIST Issues Preliminary Cybersecurity Framework For Critical Infrastructure Organizations

In accordance with the President's Executive Order on Cybersecurity issued on October 22, 2013, the National Institute of Standards and Technology ("NIST") released the draft of its Cybersecurity Framework, intended to help...more

New California Law Protects Online Account Information

As of January 1, security breach notifications must be provided to consumers when certain account information is compromised. On September 27, California Governor Jerry Brown signed into law Senate Bill No. 46 (S.B....more

Emerging Growth and Venture Capital News - Fall 2013

NEW SEC GENERAL SOLICITATION AND “BAD ACTOR” RULES RE PRIVATE STOCK SALES NOW IN EFFECT - New Securities and Exchange Commission rules concerning private stock sales are now in effect. Under these rules, for...more

Electronic Health Records Donations: Proposed CMS And OIG Rules Revise Stark Exception And Anti-Kickback Safe Harbor

On April 10, 2013, the Centers for Medicare & Medicaid Services (‘‘CMS'') and the Office of the Inspector General of the Department of Health and Human Services (‘‘OIG'') published twin proposed rules that amend and extend...more

Vermont and North Dakota Amend Breach-Notice Laws

On May 13, 2013, Vermont Governor Peter Shumlin signed H.513 into law. The new law includes an amendment to Vermont’s Security Breach Notice Act, 9 V.S.A. § 2435. Previously, under § 2435, Vermont-regulated financial...more

Kazakhstan Adopts Personal Data Protection Law

New law broadens the requirements for protecting personal data and imposes new penalties for the improper collection and processing of personal data. ...more

Cybersecurity: President Obama’s Executive Order Is Only the Beginning

This On the Subject outlines why hospitals and financial services and communications companies should pay attention to the recent executive order entitled “Improving Critical Infrastructure Cybersecurity.”...more

Under the Dome: Inside the Maine State House Marsch 1, 2013

Under the Dome: Inside the Maine State House is a weekly update that provides a high-level overview of recent activity at the Maine State House. If you would like more specific information regarding an item in this newsletter...more

The Convergence of Health Care and Banking

On January 25, 2013, the Office of Civil Rights (OCR) within the Department of Health and Human Services published guidance on whether banks and other financial institutions must comply with the Health Insurance Portability...more

A Comprehensive Approach to Data Security

Patrick Kellermann from LeClairRyan returns with a timely post on data security. When people hear “data security” they think technical jargon: firewalls, passwords, encryption, yada, yada, yada. They leave it up to...more

California Establishes Centralized Privacy Unit for Enforcement and Education

California Attorney General Kamala D. Harris recently announced the creation of a new task force designed to enforce consumer privacy laws and to prosecute those companies - located both within and outside the state - that...more

California Attorney General Creates Privacy Enforcement and Protection Unit; Increased Enforcement Likely

On July 19th, California Attorney General Kamala D. Harris announced the formation of a new Privacy Enforcement and Protection Unit within the state’s Department of Justice. The move is widely seen as a means of stepping up...more

Proposed HIPAA Rule Raises Possibility of Financial Institutions Turning Over Employee Names to Health Care Patients

A recent proposed expansion of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) Privacy Rule would have a substantial impact on financial institutions that serve as business associates, potentially...more

2010 Compliance Review -- What Did I Miss?

The Red Flags Rule The rules have been modified that "creditor" no longer includes any business that extends credit or permits payment plans for fees incident to its services. Because healthcare providers are no longer...more

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