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Banks’ Class Certification Motion Trumpets Target Data Security Failings, Ignores Impact of Card Association Settlements

Card-issuing banks are forging ahead with their lawsuit against Target arising from the 2013 holiday shopping season data breach. Their July 1 motion for class certification has just been unsealed, allowing a glimpse at...more

New Guidance for Financial Institution Directors and Officers In Cybersecurity Preparedness

Earlier this summer, the Federal Financial Institutions Examination Council (FFIEC) released its highly anticipated Cybersecurity Assessment Tool (Assessment), which is designed to assist financial institutions in identifying...more

Target Reaches $67 Million Settlement with Visa over Data Breach Claims

More than a year-and-a-half after Target’s December 2013 announcement of a massive data breach, the retailer has reached an agreement with Visa, whereby it will reimburse Visa and certain affected card issuers up to $67...more

Protecting financial institutions in cyberspace—U.S. financial regulators come up with a new tool kit to stem cyberthreats

The Federal Financial Institutions Examination Council (FFIEC) has recently developed a new tool to help U.S. financial institutions combat the increasing volume and sophistication of cyber attacks. To blunt threats to a...more

Target and Visa Announce $67 Million Settlement

Last winter, following a well-publicized data breach, a group of financial institutions sued Target, arguing that Target should be held responsible for the damages that they had experienced as a result of the data breach...more

EMV Liability Shift Update – What Liability Actually Shifts?

With the October 1, 2015 liability shift deadline looming, merchants who have not yet made the change continue to evaluate the cost of accepting EMV cards versus the liability that will shift from the issuer to the merchant...more

Target and Visa reach $67M settlement

Visa, Inc. announced on August 18th that it has reached a settlement with Target for $67 million to reimburse Visa for costs associated with the Target data breach in late 2013, including issuing millions of new cards to...more

Seventh Circuit rules hospital system is not a Consumer Reporting Agency under FCRA

Is a hospital a “consumer reporting agency”? Can a health care provider be liable under the Fair Credit Reporting Act (FCRA) in the event of a data breach? The Seventh Circuit Court of Appeals recently considered these...more

Credit Card Fraud Liability Shift Looms for Retail Industry

On October 1, 2015, a substantial portion of the liability associated with in-store fraudulent credit card purchases will shift from credit card issuers, such as banks or credit unions, to retail merchants. Credit card...more

Germany rolls out IT Security Act

Germany's controversial IT Security Act (ITSG) came into effect on July 25, 2015.[1] The new act seeks to increase protections for German citizens, companies and government institutions that may be vulnerable to a range of IT...more

OIG adds four new projects to work plan

Since our last blog post about the OIG’s work plan, the work plan has been updated as of August 7, 2015 to add four new projects. A newly added ongoing project is a “Security Control Review of the CFPB’s SQL Environment.” (An...more

IRS Releases Guidance on Taxability of Identity Protection Services

As companies and governmental entities increasingly do business and store sensitive information in online or cloud-based environments, the risk of improper disclosure continues to grow. The unprecedented breach of the United...more

California, Nevada Expand Scope of Customer Personal Information Subject to Reasonable Security Measures

Recent statutory amendments passed in California and Nevada expanding the definition of “personal information” will significantly impact the security measures businesses operating in these states must implement when handling...more

OCC Comptroller Talks Future of Financial Services, Eyes FinTech Industry

On August 7, OCC Comptroller Thomas Curry delivered remarks at the Federal Home Loan Bank of Chicago, which was hosting a conference highlighting the future of financial services. Specifically, Curry discussed innovation in...more

Checking in on Target’s Derivative Litigation: 18 Months Later, Directors Remain Stuck in the Checkout Line

Everyone remembers the Target Corporation data breach, one of the worst in history. In late 2013, hackers forced their way into Target’s computer system, accessing the information of approximately 70 million customers,...more

Neiman Marcus files Petition for Rehearing En Banc

We previously reported on the Seventh Circuit’s reversal of the District Court’s dismissal of the data breach class action case against Neiman Marcus. On August 3, 2015, Neiman Marcus filed a Petition for Rehearing requesting...more

Assessing Your Cybersecurity Preparedness: It May Be Time to Update Your Bank’s Information Security Plan and Response Program

With increased oversight, regulatory scrutiny and risk related to cybersecurity, now is the time for those in the banking industry to be proactive in managing cybersecurity risk. Waiting until a breach occurs to formulate or...more

Neiman Case a Harbinger For Data Breach Cases? Not So Fast

Much has been said in the past couple weeks about the decision by Seventh Circuit Court of Appeals in the case of Remijas v. Neiman Marcus. Some have suggested that the ruling makes it easier to sue over data breaches, or...more

CFPB Releases Principles for Payment Systems

Why it matters - In an effort to provide guidance to payment systems looking to reduce "pocket-to-pocket" payment times, the Consumer Financial Protection Bureau (CFPB) released principles for consumer protection to...more

Consumer Financial Protection Bureau releases Consumer Protection Principles

In response to advanced payment technology and consumers’ preference to non-traditional payment systems of writing checks, paying cash, or swiping a credit or debit card, the Consumer Financial Protection Bureau (CFPB)...more

Comptroller Talks Interest Rate, Compliance, and Cybersecurity Risks Facing Financial Institutions

On July 24, OCC Comptroller Curry delivered remarks before the New England Council in Boston, MA regarding the risks that financial institutions face today. Rising interest rates and regulatory compliance were two of the...more

FFIEC Assessment Helps Financial Institutions Prevent Cyber Attacks

The Federal Financial Institutions Examination Council (FFIEC) recently issued an assessment tool meant to assist financial institutions in the detection of cybersecurity vulnerabilities and the prevention of cyber attacks....more

Treasury Deputy Secretary Raskin Delivers Remarks on Cybersecurity in the Financial Sector

On July 14, Deputy Secretary of the Treasury Sarah Bloom Raskin delivered remarks at the American Bankers Association Summer Leadership meeting in Baltimore. Speaking on cybersecurity and cyber-resiliency in banking and the...more

The SEC's Investment Management Division Has Some Things to Tell You about Cybersecurity

Lots of agencies and organizations want to boss you around about cybersecurity. In April, the SEC and the Justice Department published more directions on the issue. We’ll cover the very brief guidance issued by the SEC’s...more

“Life is short. Have an affair.”® And have your data hacked and leaked

Hackers calling themselves “The Impact Team” announced on July 15th that it has compromised the extramarital affair site AshleyMadison.com, and companion sites Cougar Life and Established Men, including absconding with up to...more

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