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Breach Notification Rule Financial Institutions

Foley & Lardner LLP

SEC Tightens Cybersecurity Requirements with Regulation S-P Amendments

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Share on Twitter Print Share by Email Share Back to top “The basic idea for covered firms is if you’ve got a breach, then you’ve got to notify. That’s good for investors.” Those were among the remarks that U.S. Securities and...more

McCarter & English, LLP

SEC Adopts Rule Amendments to Regulation S-P to Safeguard Customer Information and Enhance Cybersecurity Procedures at Financial...

On May 16, 2024, the Securities and Exchange Commission (SEC) adopted amendments to Regulation S-P to “modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal information by certain...more

Cooley LLP

FTC Adds New Data Breach Reporting Obligations Under Safeguards Rule

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On October 27, 2023, the Federal Trade Commission (FTC) unanimously approved an amendment to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule to require certain covered financial institutions to report a broad range of data...more

Sheppard Mullin Richter & Hampton LLP

Impact of FTC Safeguard Rules Amendment on Breach Notification Timing

The FTC recently amended the Safeguards Rule to make non-banking institutions such as mortgage brokers, motor vehicle dealers, and payday lenders notify the FTC as soon as possible, and no later than 30 days after discovery,...more

Alston & Bird

FTC Approves New Data Breach Notification Requirement for Nonbanking Financial Institutions

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With an amendment to its Safeguards Rule, the Federal Trade Commission has joined other federal agencies regulating cybersecurity breaches. Our Privacy, Cyber & Data Strategy Team analyzes how the amendment will affect...more

Jaburg Wilk

New FTC Rule Expands Reach of Data Breach Notification Requirement to Non-Banking Financial Institutions

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In an amendment to the Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA), which was officially announced on October 27, 2023, the Federal Trade Commission (FTC) will mandate that a wide array of nonbank financial...more

Jackson Lewis P.C.

Federal Trade Commission Expands Rule Regarding Reporting of Data Security Breaches

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The Federal Trade Commission (FTC) has approved an amendment to its Safeguards Rule that will require non-banking financial institutions to report certain data breaches (or “notification events”) to the FTC (not affected...more

Perkins Coie

FTC Announces Data Breach Reporting Obligation Under GLBA Safeguards Rule

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Under an amendment to the Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA) announced on October 27, 2023, the Federal Trade Commission (FTC) will require a broad range of nonbank financial institutions to notify the...more

Jackson Lewis P.C.

Data Protection Update: Q3 Noteworthy Dates

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June 9th marked the deadline for financial institutions, including certain non-banking institutions that collect or maintain sensitive customer information (e.g., car dealerships), to implement a comprehensive information...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 24, 2022)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Pillsbury Winthrop Shaw Pittman LLP

Federal Regulators Adopt New Computer-Security Incident Notification Requirements for Banks and Service Providers

In response to increasingly frequent and sophisticated cybersecurity attacks on banks and bank service providers, the federal prudential banking regulators—the Office of the Comptroller of the Currency (OCC), the Board of...more

Carlton Fields

Data Breach Bill Applicable To Reinsurers Heads To Floor Of Us House Of Representatives

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The “Consumer Information Notification Requirement Act” (H.R. 6743) was passed out of the House of Representatives Committee on Financial Services one week after being introduced and is now headed to the floor for...more

White and Williams LLP

South Carolina’s New Insurance Data Security Act: Pebbles Before a Landslide?

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The ramp-up of cybersecurity regulation, albeit in a patchwork fashion through state-level legislation, has begun. On May 18, 2018, South Carolina enacted the Insurance Data Security Act (Act), becoming the first state to...more

Goodwin

Massachusetts Case Against Equifax Survives Motion to Dismiss

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On April 2, 2018, the Superior Court of Suffolk County, Massachusetts denied Equifax, Inc.’s motion to dismiss the Commonwealth’s case against it related to the company’s widely publicized 2017 data breach. Although the...more

King & Spalding

U.S. House Subcommittee Holds Hearing On Cybersecurity In The Financial Industry

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On February 14, 2018, the U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services held a hearing entitled “Examining the Current Data Security and Breach...more

Cadwalader, Wickersham & Taft LLP

Compliance with Initial New York DFS Cybersecurity Rules Now Mandatory

As of August 28, 2017, insurance companies, banks, and other financial services companies regulated by the New York Department of Financial Services (“DFS”) must comply with an initial wave of new cybersecurity requirements...more

Patterson Belknap Webb & Tyler LLP

NAIC Model Cyber Law: Yet Another Regulatory Measure

The National Association of Insurance Commissioner’s (NAIC) model cybersecurity law will take center stage later this week at the group’s annual meeting in Denver. In its third draft, the Insurance Data Security Model...more

Alston & Bird

Cyber Alert: 2016 Breach Roundup, Part II: U.S. and EU Data Breach Notification Regulations Highlights and Trends

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Frameworks requiring breach notifications of various kinds significantly expanded in scope in 2016 at both the state and federal levels. However, at least in the U.S., some of the new federal requirements may not be in place...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Privacy & Cybersecurity Update - October 2016"

In this edition of our Privacy & Cybersecurity Update, we take a look at the FCC's new rules for broadband privacy, the FTC's new playbook for data breach response and notification, the NHTSA's voluntary guidance for...more

Sheppard Mullin Richter & Hampton LLP

New York State Department of Financial Services Proposes Cybersecurity Regulations for Financial Services Companies

If the New York State Department of Financial Services (“DFS”) has its way, come January 1, 2017, financial services companies that require a form of authorization to operate under the banking, insurance, or financial...more

Carlton Fields

EXPECT FOCUS: Onboard Technology, NAIC Cybersecurity, DOL, ACA Litigation, SEC Regulation (Vol. III, Summer 2015)

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In This Issue: IN THE SPOTLIGHT - - Your Data Breach Collided With My Personal Injury Coverage LIFE INSURANCE - - Phantom Injury Dooms “Shadow Insurance” Case - Latest NAIC Cybersecurity News ...more

Ballard Spahr LLP

CFPB Information Security Remains a Challenge

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The Office of the Inspector General (OIG) has released the “2015 list of major management challenges” faced by the CFPB that the OIG believes will hamper the CFPB’s ability to accomplish the CFPB’s strategic objectives. Like...more

Burr & Forman

TN Ethics Opinion Approves Lawyers’ Cloud Storage of Client Data

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Tennessee has joined other states in formally approving lawyers’ cloud-storage of client-confidential data. The Board of Professional Responsibility (“BOPR”) held that lawyers ethically may use cloud storage for...more

Burr & Forman

SEC Shows It’s Serious About Cyber Security

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A week after OCIE announced it would conduct a second round of cyber-security exams, the Commission emphasized the issue by bringing an enforcement action against a non-custodial investment-adviser over a remediated data...more

Troutman Pepper

How to Avoid and Respond to a Cybersecurity Breach

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In light of numerous recent data breaches, cybersecurity has emerged as an issue impacting organizations ranging from the local hardware store to the largest multi-national firms in the world. In short, no industry is immune...more

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