Cybersecurity is a term used to describe methods and systems for protecting sensitive information in the electronic sphere. As more financial, business, and personal information becomes exclusively maintained and... more +
Cybersecurity is a term used to describe methods and systems for protecting sensitive information in the electronic sphere. As more financial, business, and personal information becomes exclusively maintained and stored electronically, the risks of attacks, leaks, and disclosures become more pronouced. The concept of Cybersecurity encompasses a broad array of issues, including governmental regulations to ward off cyber terrorists, industry data collection and maintenance practices, and consumer advocacy to ensure the privacy of individuals' personal and medical information.     less -
News & Analysis as of

Just Released Proposed Cyber Risk-Management Update for the Financial Sector

On October 19, US banking agencies released an advanced notice of proposed rulemaking (ANPR) seeking comments on enhanced cybersecurity standards. These standards potentially would apply to ..US bank holding companies...more

Ninety-Nine Problems but a Breach Ain’t One: Cybersecurity Lessons for Insurers

In the movie WallStreet , the character Gordon Gekko famously states that information is the most valuable commodity he knows. These days, the same could be said of data, which can now be bought, sold, and, increasingly,...more

A New Chapter in the Cybersecurity? Is there a Role for Active Deterrence?

In the 1969 film Butch Cassidy and the Sundance Kid, after Butch and Sundance rob Union Pacific Railroad (“Union Pacific”) the first time, Union Pacific employs a stronger safe. After Butch and Sundance rob Union Pacific a...more

Trump’s New Cyber Security Plan?

With the recent news regarding Yahoo’s massive data breach and the continuing posting of Clinton Foundation emails by Wikileaks, cybersecurity policy is beginning to get the discourse it is due. Secretary Clinton’s campaign...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...more

DOT Issues Proposed Cybersecurity Guidance to Automotive Industry

Vehicle-related cyber incidents could have devastating and deadly effects, particularly as cars and trucks become more highly automated and rely more heavily on wireless technologies. To combat this threat, the U.S....more

FinCEN Issues Advisory and FAQs Regarding Reporting Cyber-Events

The Financial Crimes Enforcement Network (“FinCEN”) has issued an advisory (“Advisory”) and Frequently Asked Questions (“FAQs”) to assist financial institutions in reporting cyber-events, cyber-enabled crime, and...more

Recent CyberSecurity Incidents Emphasize Importance of Cyberinsurance

As the threat of cyberattacks continues to pose daily threats to businesses large and small, more companies have turned to cyber insurance products to shore up protection against these disruptive threats. A spate of recent...more

Department of Defense (DoD) Issues Final Rule on Safeguarding Covered Defense Information and Related Information Security...

On October 21, 2016, the Department of Defense (“DoD”) issued a final rule (the “final rule”) codifying the specific actions DoD contractors and subcontractors must take to adequately safeguard “covered defense information”...more

FTC Issues Data Breach Response Guidance

The Federal Trade Commission (FTC) this week issued the publication, Data Breach Response: A Guide for Business, that outlines steps it recommends that businesses take when it believes it may have suffered a data breach....more

UPDATE: The FCC Approves Privacy Regulations for Internet Service Providers

Yesterday morning the FCC voted along party lines to adopt rules subjecting broadband internet service providers (ISPs) to new consumer privacy regulations. According to the FCC’s press release, the rules give “customers the...more

FTC Releases a Data Breach Response Guide For Business

Data breaches are fast becoming a fact of life. Experiencing a data breach is never a pleasant experience, regardless of how it happens – by accident, by criminal intent, or by system failure. Someone steals a company...more

Financial Services Weekly News - October 2016 #3

Editor's Note - Another Cybersecurity Proposal. On the heels of the New York State Department of Financial Services (NYDFS) issuing its proposed regulation that would require banks and insurance companies to institute...more

Effective November 3, 2016: Final DoD Cyber Incident Reporting Rule

On Tuesday, October 4, 2016, the Department of Defense (DoD) issued a long-awaited final rule implementing statutory requirements (10 U.S.C. §§ 391, 393) as part of 32 C.F.R part 236 regarding the reporting, by defense...more

What You Must Know about New York’s Proposed Cybersecurity Regulation for the Banking, Insurance, and Financial Services Sectors

Recently, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more

HHS Publishes New Guidance on HIPAA and Cloud Computing

The U.S. Department of Health and Human Services Office for Civil Rights (OCR) has issued a new guidance regarding HIPAA compliance and the use of cloud computing solutions. The guidance is intended to assist covered entities...more

Investment Management Update - October 2016

Investment Adviser AXA Wins Excessive Fee Trial - A federal judge in New Jersey has ruled in favor of AXA Equitable Life Insurance Company (AXA Equitable) and its wholly owned subsidiary, AXA Equitable Funds Management...more

Why The Election Can’t Be Hacked: Internet Of Things Edition.

In our consulting days, a former boss – a retired Army Colonel – enjoyed sharing his Cold War recommendation for protecting sensitive documents from the KGB: fill up a fleet of tractor-trailers with every U.S. government...more

DOT Issues Proposed Cybersecurity Guidance for Auto Industry

On Monday, October 24, 2016, the Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) issued proposed cybersecurity guidance to the auto industry, including auto manufacturers and designers...more

Blog: Cybersecurity Diligence in M&A Transactions: Lessons from Verizon/Yahoo!

Recently, in the midst of an M&A transaction involving Verizon and Yahoo!, news broke of a Yahoo! cybersecurity breach that had occurred approximately two years earlier. This event raised a lot of speculation around what...more

Banking Regulators Invite Comment On Cybersecurity Standards For Large Banks

On Thursday, October 20, the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation jointly issued an advance notice of proposed rulemaking, requesting comments on...more

New York Department of Financial Services Proposes Comprehensive Cybersecurity Regulations for Financial Institutions

In September, the New York Department of Financial Services (“DFS”) proposed new rules (“Rules”) that would require covered financial institutions – banks, insurers, and other institutions regulated by the DFS – to establish...more

Brexit’s Impact on the Insurance Industry

Following the UK’s historic advisory vote to leave the EU, key questions must be answered before any real change occurs. These include: Must the government implement the advisory vote, and if so, how? Will the UK...more

The Katten Kattwalk - Issue 11

The Katten Kattwalk discusses legal issues in the fashion industry affecting the trademarks, patents and copyrights associated with companies, brands and products. Please see full Newsletter below for more...more

Latest Cyber Attack a Wake-up Call: What are your company’s IoT exposures?

The Internet of Things gives rise to many risks and exposures that companies and their insurers were not thinking about as recently as a couple years ago, and probably aren’t fully cognizant of today....more

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