Cyber Threats

News & Analysis as of

OCC Report Highlights Risks Linked to Evolving Cyberthreats

According to the latest semi-annual risk report issued by the U.S. Office of the Comptroller of Currency (OCC), new methods of money laundering and a growth in both the volume and sophistication of electronic banking fraud...more

Senate Intelligence Committee Advances Cyber Sharing Bill

On July 8, 2014, in closed session, the U.S. Senate Committee on Intelligence voted 12-3 to report the Cyber Information Sharing Act (CISA). The bill would grant legal immunity for companies to share cyber threat data with...more

D.C. Lawmakers Again Tackle Cyberthreats

On June 17, 2014, Senate Intelligence Committee Chairman Dianne Feinstein (D-CA) and Vice Chairman Saxby Chambliss (R-GA) released a draft bill entitled, The Cybersecurity Information Sharing Act of 2014. Given the increasing...more

United States Charges China with Cyber-Espionage in Unprecedented Indictment

This morning, the U.S. Department of Justice (DOJ) announced that a grand jury in the Western District of Pennsylvania has indicted five Chinese military officials on charges of computer hacking, economic espionage, and...more

California Bill Would Create Cyber Security Commission

In recognition of the increasing threat that cyber-attacks pose to the state's infrastructure and the considerable costs that government and private sectors are estimated to spend on cyber security (more than $70 billion...more

"Cybersecurity: Amid Increasing Attacks and Government Controversy, a Framework to Reduce Risk Emerges"

2013 likely will be considered a watershed period in the role of cybersecurity in corporate strategy and management. While there were few significant legislative developments, a marked increase in cybersecurity attacks...more

OCC Publishes Community Bank Best Practices Booklet, Holds Webinar On Community Bank Cyber Threats

On June 13, the OCC published a booklet titled “A Common Sense Approach to Community Banking,” which offers best practices the agency believes distinguish high-performing community banks from those that barely survive or...more

Staying on Top of Risk: Latest OCC Risk Perspective Highlights Regulatory Concerns for All Banks

On June 18, 2013, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective highlighting current risks for national banks and federal savings associations. The report, available here, offers...more

Malware in the Machines: Cybersecurity for Medical Devices and Hospital Networks

Within the last week the Food and Drug Administration (FDA) issued a pair of Safety Communications directed towards the medical device and healthcare industries regarding cybersecurity. Computer virus and other malware...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - June 14, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - CRIMINAL...more

Legal Alert: New York Department of Financial Services Issues 308 Request on Cyber Threats

On May 28, 2013, the New York State Department of Financial Services (DFS) sent inquiries to 31 of the largest life, health and property/casualty insurance companies pursuant to its authority under Section 308 of the New York...more

New York Investigates Insurance Companies’ Cyber Security

On May 28, New York Governor Andrew Cuomo announced an inquiry into the measures employed by insurance companies to protect their customers and companies from cyber threats....more

Privacy & Cybersecurity Update - April 2013

In This Issue: - Data-Breach Class Actions After the Supreme Court Decision in Clapper - California Supreme Court Holds That Song-Beverly Credit Card Act Does Not Apply to Online Purchases -...more

D.C. Developments on the Cybersecurity Front – UPDATE

UPDATE: The House Permanent Select Committee on Intelligence passed the Cyber Intelligence Sharing and Protection Act (CISPA) this afternoon. The vote was 18 in favor and two (Adam Schiff (D-CA) and Jan Schakowsky (D-IL))...more

Privacy & Cybersecurity Update: Flaming Worms, Stuxnets and Other Cyber Threats — The European Union’s Response

The media is replete with reports of a botnet onslaught paralyzing Spamhaus, flaming worms usurping strategic information in the Middle East and a stuxnet super weapon wreaking physical damage to Iran’s nuclear reactors....more

New FAR Rules Likely For "Critical Infrastructure" Contractors

On February 12, 2013, President Obama signed an Executive Order (the Order) intended to enhance the cybersecurity of the country's critical infrastructure. According to the Order, "[t]he cyber threat to critical...more

EPIC Urges Privacy Safeguards for Defense Department Cybersecurity Program

EPIC has submitted comments to the Department of Defense, urging the agency to protect individual privacy when it obtains detailed information about Internet users from the private sector. Under current Department...more

McAfee & Taft tIPsheet - July 2012: When cyber-threat protection and privacy concerns collide By Ryan Lobato

The Cyber Intelligence Sharing and Protection Act (“CISPA”) is a pending legislative proposal aimed at protecting against cyber-threats and cyber-attacks. CISPA follows the much publicized and now effectively defunct...more

House Passes Cyber Intelligence Sharing Bill With Substantial Industry Support, But Veto Threat Looms

On April 26, 2012 the House passed the Cyber Intelligence Sharing and Protection Act (“CISPA”) on a 248 – 168 vote. CISPA is supported by many communications and technology companies (e.g., Verizon, AT&T, Facebook, and...more

Cyber Intelligence Sharing and Protection Act Bill Passes House

Scitt & Scott, LLP attorney, Andrew Martin, discusses House passage of Cyber Intelligence Sharing and Protection Act (CISPA). According to the bill sponsors, CISPA is an essential update to the National Security Act of 1947...more

CISPA, Approved by House, Poses Threat to Internet Freedom

SOPA and PIPA, as legislative efforts to deal with online piracy and other infringing activity, have gone the way of the Edsel. But their next of kin, a new bill known as CISPA, has made it through the House, passing 248 to...more

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