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Your daily dose of financial news The Brief – 5.27.16

New evidence uncovered by the digital security firm Symantec suggests that the recent series of Swift-based bank hacks may be linked to North Korea in what “appears to be the first known case of a nation using digital attacks...more

Preparing for Increased Cybersecurity Information Sharing

Cybersecurity remains a top focus of government regulators, and the prevailing trend is to encourage information sharing between the government and private entities to combat cybersecurity threats. In line with this theme, on...more

8th Circuit Upholds Data Breach Coverage for Bank Loss Following Hacker’s Fraudulent Transfer

Last week, the Eighth Circuit upheld a lower court’s ruling in State Bank of Bellingham v. BancInsure Inc., finding that a bank employee’s negligence in securing its computer network did not preclude coverage for a data...more

CSBS Publishes Annual Report

Recently, the Conference of State Bank Supervisors (CSBS) published its 2015 Annual Report to provide an overview of its activities and initiatives in 2015. The report highlights that, throughout 2015, state regulators (i)...more

PayPal reaches settlement with Texas AG over privacy and security disclosures

PayPal agreed to pay $175,000 and strengthen its privacy and security disclosures in a settlement agreement reached with the Texas Attorney General’s office (the “AG’s office”). The AG’s office claimed that PayPal failed to...more

Recent Investment Management Developments - May 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

Dual Decisions Provide Narrow Path for Plaintiffs to Establish Standing in Data Breach and Cybersecurity Suits

Last week, decisions by the United States Supreme Court and the Northern District of Georgia provided further guidance regarding the narrow path required for a class action plaintiff to successfully establish Article III...more

A Weak Link In Financial Data Security? Congress Presses FDIC On Its Data Breach Prevention And Response

On Thursday, May 12, the House of Representatives’ Science, Space, and Technology Committee scrutinized the FDIC’s data, privacy and security measures and response plans in a hearing, after the FDIC suffered a spate of data...more

UK Financial Regulatory Developments - May 2016 #11

The Law Society responds to ESMA’s EU MAR consultation - The Law Society has published the Law Society and City of London Law Society Company Law Committees Joint Market Abuse Working Party’s response to ESMA’s...more

SEC Chair Warns: Cyber Biggest Threat to Global Financial System

The chair of the U.S. Securities and Exchange Commission warned that cybersecurity is the biggest risk facing our financial system today. At an industry conference yesterday, SEC Chair Mary Jo White said that major...more

FDIC reports five “major” data incidents to Congress

The Federal Deposit Insurance Corporation (FDIC) reported on Monday, May 16, 2016, that it had experienced five “major incidents” involving the disclosure of taxpayers’ personal information since the last incident we reported...more

Treasury Cites Cyber Challenges for Online Marketplace Lending Industry

On May 10, 2016, the United States Department of Treasury (Treasury) became the latest federal agency to highlight the importance of cybersecurity in the financial services industry. In its white paper, which follows last...more

How to Evaluate a Credit Monitoring Service

Organizations are not, generally, required to offer services to consumers whose information was involved in a breach. Nonetheless, many organizations choose to offer credit reports (i.e., a list of the open credit accounts...more

Round Two: SWIFT Reports Another Bank Attack

For the second time this year, SWIFT is reporting another cyber-attack on a commercial bank. In a notice issued this morning, SWIFT said that attackers with a “deep and sophisticated knowledge of specific operational...more

Legal Risks for Banking Challengers and FinTechs

The banking market is being shaken up by digital innovation. New entrants, whether they are designated as FinTechs or challenger banks are beginning to make their mark, and the established banks are responding rapidly with...more

Wendy’s confirms data breach of point of sale system

Wendy’s confirmed yesterday in its first quarter financial statement that its investigation into a credit card breach did uncover malicious software on its point of sale systems on fewer than 300 of its stores nationwide. It...more

UK Financial Regulatory Developments - May 2016 #6

Industry associations agree cyber principles - ISDA, the European Banking Federation and the Global Financial Markets Association have published a set of common principles they hope will encourage effective global policy...more

New Mobile Financial Services Appendix

The Federal Financial Institutions Examination Council recently issued a new appendix on “Mobile Financial Services” to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook. The appendix...more

European Banking Authority contemplates the use of consumer data by financial institutions

In order to better address both the opportunities and risks associated with the innovative use of consumer data by financial institutions, the European Banking Authority (EBA) released a discussion paper last week seeking...more

NYS approves Gemini Trust Company to trade digital currency ether

The New York State Department of Financial Services has approved the application of Gemini Trust Company to trade the digital currency ether on its platform, which is the first time the state has consented to the trading of a...more

Key Data Privacy and Security Concerns for Investment Firms

Privacy and data security concerns are among the most critical issues facing investment funds, advisors and managers (collectively, “investment firms”). This article outlines the privacy and data security challenges...more

EBA Publishes Discussion Paper on Use of Consumer Data by Financial Institutions

On May 4, 2016, the EBA published a discussion paper on innovative uses of consumer data by financial institutions, in line with its mandate to monitor financial innovation. The EBA report notes that although general...more

PCI DSS version 3.2 contains substantial changes for payment card processors and their service providers

In April, 2016, the Payment Card Industry Security Standards Council published a new version of the PCI Data Security Standard (PCI DSS).  PCI DSS Version 3.2 is intended to emphasize the importance of validating the...more

PCI DSS 3.2: It’s here, what does it mean for you?

The Payment Card Industry Security Standards Council (PCI SSC) has released a new version of its data security standard for the protection of cardholder data, the Payment Card Industry Data Security Standard (PCI DSS). PCI...more

A Closer Look At The Fallout From The Home Depot Data Breach

More than a year and a half ago, Home Depot announced that it had been a victim of one of the largest data breaches in U.S. history. Media outlets reported that the breach had affected Home Depot’s customers who had made...more

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