Cybersecurity Framework

News & Analysis as of

Data Security in the Financial Industry: Five Key Developments to Keep An Eye on in 2016

According to a 2015 report on threats to the financial services sector, 41% of financial services organizations polled had experienced a data breach or failed a compliance audit in the previous year, and 57% listed preventing...more

FDA Issues Draft Guidance Governing Postmarket Cybersecurity Risk Management Standards

On January 15, 2016, the U.S. Food and Drug Administration (FDA) announced in a Press Release that it would issue draft guidance on January 22 outlining “steps medical device manufacturers should take to continually address...more

BIMCO issues cybersecurity guidelines for ships

Last week, BIMCO, along with other shipping organizations, “launched” guidelines “to help the global shipping industry prevent major safety, environmental and commercial issues that could result from a cyber incident on-board...more

Also In the News - Data, Privacy, & Security Practice Report - December 2015 #2

Harmonizing Cybersecurity And Trade Secret Protection – Many companies are investing heavily in cybersecurity and implementing a framework such as the Cybersecurity Framework from the National Institute of Standards and...more

China Passes (De) Encryption Cyber Law

On December 27, 2015, the Standing Committee of the National People's Congress, China's national legislative body, passed the Counter-Terrorism Law of China, which entered into force on January 1, 2016. Although the law's...more

Extension given to DOD contractors to comply with cybersecurity requirements

The U.S. Department of Defense (DOD) issued an interim rule on December 30, 2015 that extended the deadline for DOD contractors to comply with security requirements for protecting non-classified, but sensitive government...more

Omnibus Spending Package Affects Cybersecurity Legislation

On December 15, Speaker Paul Ryan (R-WI) unveiled the omnibus spending bill, which includes the Cybersecurity Act of 2015 – legislation that would affect how businesses share information with each other and the government,...more

NAIC Adopts "Roadmap for Cybersecurity Consumer Protection"

On December 17, 2015, members of the National Association of Insurance Commissioners Executive Committee approved a revised version of its Cybersecurity Bill of Rights that includes a name change and the addition of an...more

Landmark Wyndham Settlement Provides Guidelines For Companies To Meet FTC’S Datasecurity Requirements

On December 9, Wyndham Hotels and Resorts (“Wyndham”) agreed to a landmark settlement with the Federal Trade Commission (“FTC”) stemming from the FTC’s lawsuit against it after three data breaches that occurred between 2008...more

NIST seeks comments on Cybersecurity Framework

The National Institute of Standards and Technology (NIST) developed and issued its voluntary “Framework for Improving Critical Infrastructure Cybersecurity” (Framework) in response to a 2013 Executive Order in February of...more

Cybersecurity and resiliency: The Financial Sector’s “New Frontier”

“The Internet has a dark side,” Deputy Treasury Secretary Sarah Bloom Raskin remarked while addressing senior level banking executives at this year’s Clearing House Annual Conference. Raskin focused her comments on malicious...more

EU Data Protection Reform: Political Agreement

The EU has reached political agreement on the Data Protection Reform package. This is the biggest change in EU data protection law for 20 years! ...more

EP agrees cybersecurity Directive

EP and the Luxembourg Presidency have agreed the text of the cybersecurity Directive, which should now be agreed by the COREPER on 18 December. ...more

Political Agreement Reached for New EU Data Protection Regulation—Official Adoption Around the Corner

On December 15, 2015, the European Parliament and the Council of the European Union (Council) reached a political agreement on the future EU data protection legal framework. This is a significant step towards adoption of the...more

Financial Services Committee Reports Data Security and Breach Notification Bill

On December 9, 2015, the House Financial Services Committee favorably reported H.R. 2205, the Data Security Act of 2015, sponsored by Reps. Randy Neugebauer (R-TX) and John Carney (D-DE). The bill, which would direct...more

ACC releases largest study of its kind on cybersecurity preparedness among in-house counsel

The Association of Corporate Counsel Foundation (ACC) released a State of Cybersecurity report on December 9, 2015. Ballard Spahr was the only law firm that served on the advisory board for the study and helped to formulate...more

ACC Foundation Releases Largest Study of its Kind on Cybersecurity Among In-House Counsel Study Underwritten by Ballard Spahr

The Association of Corporate Counsel Foundation (ACC) released a State of Cybersecurity report underwritten by Ballard Spahr on December 9, 2015. The report provides valuable insights on cybersecurity issues from more than...more

BoE issues Financial Stability Report

The latest Financial Stability Report says the UK financial system has become more resilient in line with regulatory requirements since the report in July (see FReD 3 July). It reports that stress-test results and banks’...more

EDPS seeks new debate on Big Data

EDPS has published its opinion on meeting the challenges of Big Data. It outlines the main challenges, opportunities and risks of Big Data, and how important it is that companies processing large volumes of personal data...more

Cybersecurity Update: National Futures Association Adopts Cybersecurity Guidance for Member Firm Information Systems Security...

The Commodity Futures Trading Commission (CFTC) recently approved the National Futures Association’s Interpretive Notice to NFA Compliance Rules 2-9, 2-36 and 2-49, entitled Information Systems Security Programs (the...more

New York Department of Financial Services Sets Forth Extensive Cybersecurity Regulatory Framework Proposal

On November 9, 2015, the New York State Department of Financial Services (NYDFS) issued a letter to the members of the Financial and Banking Information Infrastructure Committee (FBIIC) detailing a new cybersecurity framework...more

Cyber Threats: Can you Answer These Questions from the Board?

Discussions about cyber threats have moved from ‘server rooms’ to ‘Board rooms.’ For good reason – hacks and breaches of corporate data and trade secrets can seriously compromise a company and spark significant reputational...more

BIS and IOSCO consult on cyber resilience

BIS’ CPMI and IOSCO are consulting on principles for cyber resilience for FMIs. The guidance includes: - stressing the importance of board and senior management attention to a successful cyber resilience strategy...more

NY DFS Proposes New Cybersecurity Regulations for Financial Institutions

The New York Department of Financial Services (NYDFS) has distributed a letter to various federal and state regulatory agencies and associations proposing the development of new cybersecurity regulations for financial...more

UK and US carry out cyber-testing exercise

The UK and US Governments have carried out a joint exercise with leading global financial firms to enhance cooperation...more

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