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Colorado Set to Regulate Cybersecurity Practices of Broker-Dealers and Investment Advisers

by Carlton Fields on

On May 15, Colorado became the latest state to publish major regulations tackling cybersecurity in the financial services industry when the Colorado Division of Securities released amendments to existing division rules...more

Colorado District Court Dismisses Data Breach Class Action Against Noodles & Company

by Ballard Spahr LLP on

The U.S. District Court for the District of Colorado recently dismissed a proposed class action lawsuit filed by financial institutions relating to a 2016 data breach that involved hundreds of Noodles & Company (Noodles)...more

Six Ways to Improve Cybersecurity Policies and Procedures

The SEC has declared cybersecurity to be an examination priority for financial institutions (i.e., broker-dealers, investment advisers, and registered investment companies) in each of the past four years. While the SEC’s...more

At the Intersection of Cybersecurity and White Collar

by Blank Rome LLP on

The global "ransomware" cyberattack in early May 2017 resulted in tens of thousands of computer systems being taken hostage by hackers and, in the instances involving hospitals, put lives at risk. Companies that suffered...more

Lessons From the CoinDash Initial Coin Offering Hack

On July 17, 2017, the CoinDash initial coin offering (ICO) was hacked within minutes of its launch, resulting in numerous potential purchasers sending their money to a fraudulent address. The hack has raised many questions...more

Financial Services Weekly News - July 2017 #2

by Goodwin on

Editor's Note - In This Issue. After making a splash with the finalized version of its Arbitration Rule, the Consumer Financial Protection Bureau (CFPB) proposed temporary adjustments to the reporting requirements for...more

Buyout Firms Must Take Action to Respond to Global Cyber Threats

by Latham & Watkins LLP on

Cybercrime has become a critical issue for buyout firms as hackers are increasingly targeting sensitive business data to profit from insider knowledge. According to a Private Funds Management survey of 91 PE houses, 54% of PE...more

NYDFS Makes Inquiry into Life Insurers’ Use of Algorithmic Underwriting

On June 29, 2017, the New York Department of Financial Services (NYDFS) issued an information request pursuant to Section 308 of the New York Insurance Law addressed to all life insurers and fraternal benefit societies...more

NYDFS Updates FAQs to Clarify Cybersecurity Regulations

by Ballard Spahr LLP on

The New York Department of Financial Services (NYDFS) recently updated frequently asked questions (FAQs) about its cybersecurity regulations, 23 NYCRR 500, to address four new issues. NYDFS published its initial set of FAQs...more

Hacker Steals Millions from Virtual Currency Exchange Bithumb

A cyber-attack against–Bithumb–one of South Korea’s largest cryptocurrency exchanges and one of the five largest in the world—has reaped access to the data of 30,000 users and drained their accounts in the process. Bithumb is...more

DFS Cyber Compliance Nightmare? Detailed survey results indicate compliance is far from reach

New York’s powerful Department of Financial Services (DFS) upended cybersecurity regulation with its new and sweeping “Cybersecurity Requirements for Financial Services Companies,” which took effect on March 1, 2017. But is...more

The State AG Report Weekly Update

by Cozen O'Connor on

Republican Chess Bedsole Announces Bid for Alabama Attorney General- Chess Bedsole, who previously served as the Alabama campaign chairman for President Trump, announced his candidacy to become the Alabama AG. Bedsole is...more

DFS Issues Additional Guidance for Cyber Regulation Compliance

New York’s Department of Financial Services (DFS) has issued additional guidance for compliance with the state’s sweeping cybersecurity regulation that went into effect earlier this year. Companies covered by the regulation...more

The General Data Protection Regulation (GDPR): action plan for pension scheme trustees

by Hogan Lovells on

The European General Data Protection Regulation (GDPR) will apply directly in the UK from 25 May 2018, and will make some fundamental changes to the current requirements surrounding data protection. Key areas of change...more

Personal data security for pension scheme trustees

by Hogan Lovells on

Cybersecurity and protection of personal data are increasingly to the forefront of concerns for pension trustees. The European General Data Protection Regulation (GDPR), applicable in the UK from 2018, will impose additional...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Tesla’s rise to the top of the US car heap in terms of market value raised a lot of eyebrows a few months ago. GM bumped it back down yesterday, but its three months as #1 marked what felt like a serious shift in the auto...more

New York DFS Updates FAQs to Clarify Applicability of Cybersecurity Regulation

by BakerHostetler on

With the first compliance deadline now less than two months away, the New York Department of Financial Services (NYDFS) has provided additional clarity concerning its new Cybersecurity Requirements for Financial Services...more

Financial Services Quarterly Report - Second Quarter 2017: China Cybersecurity Law: Key Takeaways for Financial Services Firms in...

by Dechert LLP on

China’s Cybersecurity Law came into force on 1 June 2017, despite speculation that there would be a delay in its launch. The new law covers a wide range of activities relating to the cyberspace, including personal data...more

FCA Guidance On Tackling Cyber Crime

by Reed Smith on

The Financial Conduct Authority recently released guidance regarding cyber resilience (in the form of new webpages) which FCA regulated firms should take account of. While many larger regulated firms have substantial cyber...more

EU General Data Protection Regulation and private equity

by Hogan Lovells on

To say that the EU General Data Protection Regulation (GDPR or the Regulation) will change the existing data protection framework in Europe is an understatement. In less than a year, an ambitious, complex and strict law will...more

EU General Data Protection Regulation – a survival guide for private equity

by Hogan Lovells on

To say that the EU General Data Protection Regulation (GDPR or the Regulation) will change the existing data protection framework in Europe is an understatement. In less than a year, an ambitious, complex and strict law will...more

Up into the Clouds?

by Latham & Watkins LLP on

Cloud services come with the promise of many benefits for the financial services sector. Cloud computing offers large-scale and cost-effective solutions for data storage and efficient processing and is also the underlying...more

The Changing Telehealth Landscape

by Burr & Forman on

When healthcare providers and information technology (IT) appear together in the news, it is often for less than positive reasons. The cyber security issues that have plagued everyone have not left physicians and hospitals...more

NYS Cyber Regulation Countdown: Continuous Monitoring

In our series of posts leading up to the August 28th deadline for the first phase of requirements under New York’s cybersecurity regulation, the Patterson Belknap team looks at issues that institutions face as they implement...more

French Data Protection Authority Approves Implementation of Biometric Authentication Tools in Banking Sector

by Jones Day on

On May 29, 2017, the French Data Protection Authority (Commission Nationale Informatique et Libertés, or "CNIL") announced that it had authorized nine banking institutions to implement, on an experimental basis,...more

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