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Privacy Finance & Banking

Read Privacy Law updates, news, and legal commentary from leading lawyers and law firms:

Where Does One Find Bitcoin to Pay the Hacker When Your Computer is Locked? An ATM, Of Course!: Cybersecurity Trends

by CloudNine on

Needless to say, cybersecurity and its challenges have become even more of a hot topic than ever, with ransomware stories becoming more prevalent. If you want to learn more about how to prevent ransomware attacks, read...more

Officer and director checklist: Complying with the global reach of the New York Department of Financial Services Cybersecurity...

by White & Case LLP on

The New York State Department of Financial Services (NYDFS) issued Cybersecurity Requirements for Financial Services Companies (the "Cybersecurity Regulation") effective March 1, 2017. The regulation imposes tight compliance...more

Financial Services Weekly News - May 2017 #4

by Goodwin on

Editor's Note - Memorial Day. On Memorial Day, we will be celebrating the men and women whose service and sacrifice ensures the preservation of freedom and opportunity across the United States. Rather than summarize the...more

Banking on IT

by Latham & Watkins LLP on

The European Banking Authority (EBA) has published its consultation document on security measures for operational and security risks under the revised Payment Services Directive (PSD2). The WannaCry ransomware attack that...more

Federal Court Stands By Earlier Decision Holding Financial Institutions To Higher Standard Than Customers When Pursuing Data...

by King & Spalding on

On May 1, 2017, an Illinois federal district judge dismissed data breach-related claims brought by financial institutions against a grocer. The court distinguished the case from similar lawsuits aimed at Home Depot and...more

Kmart Breach Settlement of $6.9M With Banks Approved by Court

Kmart’s proposed settlement with banks that had to reimburse customers following Kmart’s 2014 data breach was approved by an Illinois federal judge last week with one caveat: he wants to see how much each bank is being paid...more

OIG Report Continues Criticism of CFPB Enforcement Data Security Practices

by Ballard Spahr LLP on

On May 15, 2017, the Federal Reserve Office of Inspector General – which also oversees the CFPB – released a report finding deficiencies in the CFPB Office of Enforcement’s (Enforcement) processes for securing sensitive...more

Trust No One - Lunchtime Deals Should End in Intention, Not Retention

by Burr & Forman on

What You Can Learn about Vendor Management from the DocuSign Breach While some industries may get away with the “trust but verify” model, heavily regulated industries such as financial services have no such luxury. Trust...more

Colorado Division of Securities Publishes Final Cybersecurity Rules

by Ballard Spahr LLP on

The Colorado Division of Securities (Division) has published final cybersecurity rules applicable to broker-dealers and investment advisers. The Colorado Attorney General's office has 20 days to write an opinion on the rules,...more

New FCA Web Page on Cyber Resilience

On May 18, 2017, the FCA published a new Web page on cyber resilience. The FCA notes that cyber risks pose a threat to all financial services firms. Firms should be aware of the threat, able to defend themselves...more

OCIE Publishes Risk Alert In Response to WannaCry Ransomware

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued a National Exam Program Risk Alert (Risk Alert) on May 17, 2017 in response to “WannaCry,” the ongoing...more

DocuSign Breach Leads to Email Malware Campaign Requesting Wire Transfers

Electronic signature technology company DocuSign has admitted that it suffered a breach of one of its computer systems resulting in stolen data including customer and user email addresses. The breach has allowed the hackers...more

DocuSign Breach a Strong Reminder for the Mortgage Industry to Manage Third-Party Service Provider Risks

by Ballard Spahr LLP on

On May 16, DocuSign confirmed that a data breach resulted in widespread malware phishing attacks targeting its customers. DocuSign provides electronic signature solutions for many companies in the mortgage banking industry...more

Settlement in Home Depot Class Action Provides Data Security Corporate Governance Framework for Companies

by Nossaman LLP on

The latest settlement in Home Depot’s data breach litigation provides a data security framework for corporate governance that may be used by other companies as a template. Based on claims arising from a massive data breach...more

Spokeo: On the One-Year Anniversary of the Pivotal Case, Insights for Retailers

by Morgan Lewis on

Dear Retail Clients and Friends, Many of you are likely familiar with the US Supreme Court’s decision in Spokeo, Inc. v. Robins. On the one-year anniversary of Spokeo, data shows that retailers’ chances of success in...more

Brooks Brothers Reports Payment Card Data Breach

A lawyer’s nightmare: retailer Brooks Brothers announced late last week that it has become the newest retailer to suffer a payment card data breach. According to Brooks Brothers, which is calling it a “data incident”,...more

Yesterday, #WannaCry. Today, #DocuSignPhish

Another day, another data incident. If you use DocuSign, you’ll want to pay attention. The provider of e-signature technology has acknowledged a data breach incident in which an unauthorized third party gained access to...more

Credit Cards and the Payment Card Industry Data Security Standard

by Bryan Cave on

For most retailers the primary source of revenue comes from credit card transactions. In order to accept credit cards, a retailer must enter into a contractual agreement with a payment processor and a merchant bank....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A series of cyberattacks featuring ransomware rocked the world this weekend, and the aftershocks “could linger” for a while....more

The Financial CHOICE Act, now closer to passage, would significantly impact the mortgage industry

by Ballard Spahr LLP on

On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor.  The Act...more

District Court Takes on the Intersection of Bankruptcy and the FDCPA

A New York District Court recently tackled the intersection between bankruptcy and pre-petition FDCPA claims and the application of judicial estoppel to undisclosed claims. In December 2013, Jeziorowski filed a complaint...more

Get ready for open data

by Dentons on

When the House of Representatives Standing Committee on Economics issued a report on the four major banks in November 2016, it sent a clear message in favour of open data. In fact, the Committee went so far as to recommend a...more

Cyber-resilience - a repeated regulatory message

by WilmerHale on

An expectation that regulated financial services firms be ‘cyber-resilient’ should not cause any surprise. Cyber-crime and data breaches represent major risks for business generally. Comparatively, that risk is not mitigated...more

Litigation Alert: Second Circuit Limits Standing to Bring Data Breach Class Actions

by Fenwick & West LLP on

This week, the U.S. Court of Appeals for the Second Circuit issued an important decision in Whalen v. Michaels Stores, placing the court at the center of the controversy around what allegations are sufficient to establish...more

Investment Funds Updatea: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

HM Treasury Finalises Private Fund Changes to Limited Partnerships Act 1907 - As previously reported, HM Treasury published on 16 January 2017, a draft Legislative Reform (Private Fund Limited Partnerships) Order 2016...more

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