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Securities Enforcement Forum 2014 — SEC/FINRA Investigations & Cybersecurity Priorities

Yesterday I blogged from the Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not verbatim...more

Will Using “Apple Pay” Keep the Data Breach Away?

Recently Apple unveiled its latest iPhones and other new products. While the big screens on the new iPhones are making the splashy headlines, perhaps the most interesting reveal, from a data privacy perspective, is not a...more

House Committee On Oversight And Government Reform Request Hearing Regarding Data Security Breach

On October 7, Elijah Cummings, the Ranking Member of the House Committee on Oversight and Government Reform, issued a letter asking committee Chairman Darrell Issa to hold a bipartisan hearing to examine a recent data...more

FDIC to Banks: Prep for “Urgent” Threat of Cyberattacks

Financial institutions are facing an “urgent” threat of hacks and cyberattacks causing regulators to take a closer look at banks’ efforts to combat such concerns, the Federal Deposit Insurance Corporation (FDIC) Chairman...more

Banking & Financial Services E-Note - September 2014

In This Issue: - CFPB to Regulate Nonbank Institutions That Fund Auto Loans - DOJ Suggests Banks Turn In Employees to Avoid Criminal Charges - Regulators Requiring Banks to Carry Higher Capital...more

Cyber Voluntary Payment Defense Thwarted by Bank Fraud Regulation

Financial institutions are one of the entities most threatened by cyber crisis events. As data breaches and cyber threats become more inventive, the risks to financial institutions and their clients continue to grow. However,...more

Release of the iPhone 6 — Is Apple Riding the Security Wave?

Another month brings another reported massive data breach. On September 8, 2014, Home Depot confirmed that its payment data systems had been breached, potentially impacting customers using payment cards at the retailer’s US...more

Privacy Tuesday - October 2014

A new month, a new Privacy Tuesday. JPMorgan Chase: Baiting the Hook for Phishers - Cybercrime researchers say that the 83 million customer records (76 million consumer and 7 million small business) swiped from...more

FINRA Announces New Proposal for Brokerage Data Collection

On September 30th, the Financial Industry Regulatory Authority (FINRA) announced a proposed rule that would implement the controversial Comprehensive Automated Risk Data System (CARDS). Under the proposed rule, FINRA seeks to...more

Federal Financial Regulators Issue Warning on ‘Shellshock’ Security Vulnerability

The Federal Financial Institutions Examination Council (FFIEC) recently issued an alert warning financial institutions of a security vulnerability nicknamed “Shellshock” in software commonly used in servers and other...more

Bernstein Shur Business and Commercial Litigation Newsletter #44

We are pleased to present the 44th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight recent cases that address subpoena enforcement, a rejected class action settlement, and...more

FTC Comments on the CFPB’s Foray into Mobile Financial Services, Emphasizing Its Extensive Consumer Protection Efforts in the...

Earlier this month, the Bureau of Consumer Protection of the Federal Trade Commission (FTC) submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s June 2014 request for information...more

FFIEC Announces Cybersecurity Preparedness Efforts

The Federal Financial Institutions Examination Council (FFIEC) recently announced a series of initiatives aimed at promoting cybersecurity preparedness for community financial institutions throughout the country....more

Five Basic Steps for Dealing with Cybersecurity Threats

Recent legal headlines have been filled with news about data breaches and lapses of information security across all sectors of the economy. Hospitals, colleges, and even major international retailers such as Target and Home...more

Nebraska Federal Court Refuses To Dismiss Suit Claiming Breach Of Contract, Violation of State Law for Unauthorized Credit Card...

On August 20, the U.S. District Court for the District of Nebraska denied motions to dismiss filed by a Nebraska bank and two credit card processing companies in response to a purported class action filed by a merchant...more

Mobile payments update

Any mobile payment this summer? As you probably know, this is an ever growing market. According to a study of the Politecnico of Milan, the new “Mobile and App Economy” was worth 25.4 billion euro in 2013 and can reach...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

Secret Service Raises Warning About Backoff POS Malware

The Secret Service, which investigates financial crimes, issued a security Alert on July 31, 2014, warning of malware named “Backoff” that was being used to steal payment card data from point-of-sale (POS) systems. The Alert...more

Cybersecurity: How well are Latin American banks protected against cyber attacks?

Inter-American Dialogue's Latin America Advisor asked Marcela Cristina Blanco, associate attorney in Diaz Reus’ Bogota, Colombia office: How Well Do Latin American Banks Protect Against Cyber Attacks?...more

Privacy Tuesday: August 2014 #2

There is another retail data breach to talk about in this Privacy Tuesday post – privacy & security bits and bytes to start your week....more

New Guidance for Merchants on Ensuring that Service Providers Share Security Responsibility

For merchants, long gone are the days of using a card reader with a dial-up connection to their payment processor. Today’s omni-channel retailers rely on multiple third party service providers to complete payment card...more

Data Breach Litigation – A New Wave of Class Actions by Financial Institutions

Rarely does a day go by without news of a data security breach. According to the Identify Theft Resource Center, there have been a total of 447 data breaches to date this year, which represents a 20.5% increase over the same...more

New York Becomes First State to Propose Virtual Currency Regulations

On July 17, 2014, the New York State Department of Financial Services (DFS) became the first state agency to release proposed regulations specifically governing the crypto-currency industry. The proposed regulations were...more

Payment Cards Security Standards Organization Publishes Third-Party Security Assurance Guidance

On August 7, the PCI Security Standards Council (PCI SSC), the open global forum responsible for setting payment security standards, published an information supplement titled “Third-Party Security Assurance Guidance,” which...more

Dutch court rules that asking clients to share their personal banking security credentials is unlawful

On Wednesday 30 July 2014, the District Court of Midden-Nederland ruled in preliminary relief proceedings (kort geding) that AFAS Software B.V. (AFAS) is acting unlawfully and must desist from asking customers of ING Bank...more

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