News & Analysis as of

Cyber Crimes Cybersecurity Financial Institutions

Sheppard Mullin Richter & Hampton LLP

SEC Continues its Cybersecurity Focus, Settles with Company over Lax Security Measures

The SEC recently issued an order and settlement against a company from a pair of cyberattacks in which millions of dollars of client funds were stolen. While the company was able to recover a portion of the funds and...more

Troutman Pepper

Restrictions on Paying a Ransom Demand - Dear Mary – Incidents + Investigations Cybersecurity Advice Column

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“Dear Mary” is Troutman Pepper’s Incidents + Investigations team’s advice column. Here, you will find Mary’s answers to questions about anything and everything cyber-related — data breaches, forensic investigations, how to...more

Wilson Sonsini Goodrich & Rosati

Cybersecurity: What to Watch for in 2024

In 2024, businesses will continue to face an evolving landscape of cyber threats, along with an increasingly complex regulatory environment. With heightened scrutiny from regulators, consumers, and investors, the need to...more

Dechert LLP

Dechert Cyber Bits - Issue 45

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The Biden Administration Issues Executive Order on Artificial Intelligence - On October 30, 2023, President Biden signed an Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence (the “Order”)...more

J.S. Held

Top 4 Cybersecurity Headaches Plaguing Financial Services Institutions

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Most Financial Services Institutions (FSIs) have digital technology at their core. And a primary responsibility for most FSIs is “cyber-connect” customers – be they organizations or individuals – with their money simply and...more

EDRM - Electronic Discovery Reference Model

[Webinar] Banks in the Crosshairs: Cyberattacks and Aggressive Regulators - May 25th, 1:00 pm - 2:00 pm ET

Financial institutions are in a tough spot- caught between the “bad guys” (state-sponsored cyberattacks and cyber criminals) and “good guys” (ever more aggressive regulators)- what’s a bank to do??? Tune in to find out!...more

Dechert LLP

Dechert Cyber Bits - Issue 30

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Cybersecurity Alert: Silicon Valley Bank and Signature Bank Fallout - Undoubtedly, cyber criminals are out in full force with phishing links and other scams trying to capitalize on the disruption and panic that many...more

Bracewell LLP

More Wiggle Room for White Hat Hackers?

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On May 19, 2022, the Department of Justice (“DOJ”) announced significant clarifications to its policy on charging Computer Fraud and Abuse Act (“CFAA”) violations that give some comfort to cyber security consultants who...more

Burr & Forman

FINRA Urges Firms to Heed CISA/FBI “Shields Up” Warning on Russia

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The regular “Weekly Update” email from the Financial Industry Regulatory Authority (“FINRA”) had an eye-catching warning February 16, urging broker-dealer member firms to heed the “Shields Up” cyber threat warning from the...more

Farrell Fritz, P.C.

If You See Something, Say Something: FinCEN Updates Advisory on Managing Ransomware Attacks

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In a few short weeks, the global loss attributable to cybercrime is expected to surpass $6 trillion.* Therefore, in an effort to protect financial institutions and consumers from further loss, agencies including the United...more

Seyfarth Shaw LLP

OFAC Issues a New Advisory Memo on Potential Sanctions Risk for Facilitating Ransomware Payments

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On September 21, 2021 the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issue an updated memo on the potential sanctions risk associated with facilitating ransomware payments and to once again note...more

Ballard Spahr LLP

OFAC Targets Virtual Currency Exchange for Allegedly Facilitating Ransomware Attack

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On September 21, 2021 OFAC issued its first sanctions designation against a virtual currency exchange by designating the virtual currency exchange, SUEX OTC, S.R.O. (SUEX) “for its part in facilitating financial transactions...more

Akerman LLP

New OFAC Advisory Offers Steps to Reduce Sanctions Risks for Entities Facilitating Ransomware Payments

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Companies that make ransomware payments, whether they be the victim of a ransomware attack or entities that facilitate such payments, should review the updated advisory issued by U.S. Department of the Treasury's Office of...more

Jones Day

OFAC Issues Additional Ransomware Guidance and Designates Virtual Currency Exchange

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The U.S. Treasury Department has issued an updated ransomware advisory that highlights sanctions risks associated with ransomware payments and details proactive steps companies can take to mitigate these risks....more

Bilzin Sumberg

OFAC Warns Companies Again Not to Pay Ransomware Demands and Offers Helpful Hints for Mitigating Risks

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On September 21, 2021, The Department of Treasury’s Office of Foreign Assets Control (“OFAC”) issued an Updated Advisory “to highlight the sanctions risks associated with ransomware payments in connection with malicious...more

Foodman CPAs & Advisors

FinCEN to host second ‘exchange’ on preventing ransomware

The United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) will hold a second FinCEN Exchange in August to discuss ways to combat increasingly sophisticated cyber and ransomware attacks. The FinCEN...more

Foley & Lardner LLP

New FinCEN Anti-Money Laundering Priorities

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Financial Crimes Enforcement Network (FinCEN) remains committed to combating money laundering, in all forms, in connection with the banking and financial systems. To this end, on June 30, 2021, FinCEN issued new...more

Eversheds Sutherland (US) LLP

FinCEN on fire: Rapid release of AML Act updates

On June 30, 2021, the Financial Crimes Enforcement Network (FinCEN) provided an update on implementation of the Anti-Money Laundering Act of 2020 (AML Act) and issued the first government-wide priorities for anti-money...more

BCLP

Sharper Lines Mean Tighter Nets: How the FinCEN’s Latest Priorities are Another Step to Increased Enforcement

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In the latest sign that the federal enforcement apparatus is slowly but surely training its sights on white-collar professionals and businesses, particularly financial services, the Financial Crimes Enforcement Network...more

King & Spalding

FinCEN Issues Anti-Money Laundering and Countering the Financing of Terrorism Priorities

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FinCEN announces eight areas of focus and advises preparation for issuance of new regulations - On June 30, 2021, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued the first...more

Faegre Drinker Biddle & Reath LLP

Federal Legislation Considers Banning Ransom Payments to Hackers

The year 2021 continues to reveal an alarming rise in ransomware attacks. Two of the most notable of such attacks include the ransomware attack on CNA Financial Corp., with resulting payment of $40 million in ransom, and the...more

Robinson+Cole Data Privacy + Security Insider

NYDFS Issues Report on SolarWinds

This week, the New York State Department of Financial Services (NYDFS) issued the Report on the SolarWinds Cyber Espionage Attack and Institutions’ Response....more

Knobbe Martens

The State Of Health Data For Vulnerable Populations, Why Cybercriminals Target Children, The Elderly, and the Dead

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As of 2021, more than twice the number of data breaches are now being reported than 6 years ago and three times the number of data breaches that occurred in 2010. While credit cards and social security numbers are perennial...more

Husch Blackwell LLP

New York’s DFS Publishes A Cyber Insurance Risk Framework

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Keypoint: New York’s Division of Financial Services (DFS) now requires Property and Casualty Insurers writing cyber insurance to comply with the Division’s Cyber Insurance Risk Framework to manage their risk. In her...more

Baker Donelson

Key Takeaways from Recent Cyberattack Resulting in Demise of Hedge Fund

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We've all heard a lot about cybersecurity risks and how cyberattacks have dramatically increased since COVID-19 changed our daily work environments. A recent attack has resulted in the demise of a hedge fund and illustrates...more

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