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Mobile Application: Security Best Practices

The industry for mobile applications is growing rapidly. As companies and independent developers look to gain—or strengthen—footholds in this competitive space, the Federal Trade Commission (FTC) asks, “… is security keeping...more

Global Boardroom Risk Solutions Newsletter

Now more than ever, there is a need for risk solutions in the boardroom. Any organization can be faced with a significant crisis, whether a fraud investigation, a regulatory infringement, allegations of anticompetitive...more

Honing in on the new rules for the transfer of personal data outside of the EEA

Although no major legislative milestones for the EU Data Protection Regulation have occurred since March 2014 (see status update here), there has been some progress over the late spring and early summer of 2014. One key item...more

Secretary of the Treasury Lew Urges Financial Institutions to Enhance Their Cybersecurity Defenses

Secretary of the Treasury Jacob J. Lew presented remarks at a conference hosted by CNBC and Institutional Investor in which he urged financial institutions to increase their cybersecurity defense efforts because cyber...more

What’s Old is New Again—Insecure Remote Access

When a merchant is suspected of being the victim of an account data compromise event, they are often required by the card brands to hire a Payment Card Industry Forensic Investigator (PFI). The PFI provides a report on the...more

Goodwill Investigating Possible Data Breach

Yesterday it was announced that a number of financial institutions reported tracking what could be a series of credit card breaches involving various Goodwill locations nationally. Goodwill operates more than 2,900 stores...more

CFPB and federal banking regulators increase focus on cybersecurity

As part of their increased focus on cybersecurity, the CFPB and federal banking are taking steps to raise financial institutions’ awareness about the need for preparedness. On June 24, 2014, the Federal Financial Institutions...more

Federal Bank Regulators Increase Focus on Cybersecurity

As banking regulators increase their focus on cybersecurity, they are taking steps to raise financial institutions’ awareness about the need for preparedness. On June 24, 2014, the Federal Financial Institutions Examination...more

Business News Digest – July 2014

In this issue: - SEC v. Citigroup: A New Standard for Reviewing Consent Decrees - Credit Unions Beware – the TARP Watchdog Is Ready to Pounce - Canada's New Anti-Spam Legislation: What Does It Mean for...more

Proposed CFPB Rule Would Allow Online Posting of GLBA Privacy Notices

The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide customers with initial and annual notices of their privacy policies, including whether they share consumers’ non-public information with third...more

Bank Customer – Not the Bank – Liable for Fraudulent Wire Transfer

Recent security breaches have focused attention on the allocation of risk associated with fraudulent payments. The recent U.S. 8th Circuit Court of Appeals decision in Choice Escrow & Land Title, LLC v. BancorpSouth Bank...more

Digital Commerce & Payments Update

In this Issue: - Insights & Trends ..The Future of Regulation in the Digital Economy - Virtual Currency ..GAO Urges CFPB Participation In Virtual Currency Working Groups ..Trade Group White Paper...more

FFIEC Increasingly Focuses on Cybersecurity Awareness

The Federal Financial Institutions Examination Council (FFIEC), under the leadership of its Chairman Thomas J. Curry, is increasingly focused on cybersecurity risks to financial institutions. At the end of June 2014, the...more

FFIEC Establishes Cybersecurity Web Page and Announces Commencement of Cybersecurity Assessment Program of Community Banks

The Federal Financial Institutions Examination Council (the “FFIEC”) announced that it had established a web page on cybersecurity (the “Web Page”), which is designed to serve as a central repository for current and future...more

OCC Report Highlights Cybersecurity, BSA-AML, Indirect Auto Underwriting Concerns

On June 25, the OCC published its semiannual risk report, which provides an overview of the agency’s supervisory concerns for national banks and federal savings associations, including operational and compliance risks....more

Federal Financial Institutions Examination Council Launches Cybersecurity Webpage and Begins Cybersecurity Assessments

In comments before the Risk Management Association’s Governance, Compliance, and Operational Risk Conference last month, Thomas J. Curry, Comptroller of the Currency and Chairman of the Federal Financial Institutions...more

FFIEC Debuts Web Page on Cybersecurity

On June 24, the Federal Financial Institutions Examination Council (FFIEC) launched a Web page on cybersecurity. The press release stated that the FFIEC members are taking a number of steps to raise awareness of cybersecurity...more

FFIEC Launches Cybersecurity Resources Web Page

On June 24, the FFIEC unveiled a new web page that will serve as a central repository for current and future FFIEC-related materials on cybersecurity. Although the FFIEC did not release any new resources, the launch shows the...more

“… Because That’s Where the Money Is.” OCC Head Highlights Oversight of Cybersecurity for Financial Industry—Will All Vendors...

Why are banks often tempting targets for criminals and terrorists alike? Thomas Curry, the head of the Office of the Comptroller of the Currency (OCC), recently reminded us: “… because that’s where the money is.” But what...more

New regulation on mobile remote payments!

After a public consultation, the Italian Data Protection Authority (Garante per la protezione dei dati personali, the “Authority”) issued its decision on the processing of persona data related to mobile remote payments....more

Managing Risk in an Inhospitable Environment: The Restaurant and Hospitality Industries are an Alluring Destination for Cyber...

The recent onslaught of cybersecurity incidents and payment card thefts dominate daily headlines and have captured the nation’s attention—from the diner whose credit card was compromised during a data breach to the President...more

Advertising Law - June 2014

Auto Lender Pays $5.5M Over FDCPA, FCRA, and FTC Act Charges - More than $5.5 million was required to settle the Federal Trade Commission’s charges against Consumer Portfolio Services, a California-based auto lender...more

Massachusetts Conducting Cybersecurity Practices Survey of Massachusetts-Registered Investment Advisers

On June 3, 2014, the Massachusetts Securities Division released a survey to assess cybersecurity readiness and practices of Massachusetts-registered investment advisers....more

Bank of England Launches New Framework to Test for Cyber Vulnerabilities

On June 10, the Bank of England launched a new framework to help identify areas where the financial sector could be vulnerable to sophisticated cyber-attack. The new framework is called CBEST and was launched in May 2014. ...more

Orrick's Financial Industry Week in Review

Bank of England Launches New Framework to Test for Cyber Vulnerabilities - On June 10, the Bank of England launched a new framework to help identify areas where the financial sector could be vulnerable to sophisticated...more

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