Cybersecurity Data Breach

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

Yahoo Announces Large Data Breach

On September 22, 2016, Yahoo issued a statement confirming that hackers infiltrated its systems in late 2014 and lifted account data tied to at least 500 million users. In its press release, Yahoo said that a recent...more

Yuba Sutter Medical Center Hit With Ransomware

Yuba Sutter Medical Center in California (Yuba Sutter) has notified its patients that it has suffered a recent ransomware attack that caused parts of its network to be incapacitated. As a result, patient files were unable to...more

Aftermath of the Yahoo Breach: M&A Risk and Cybersecurity

In the midst of its acquisition by Verizon Communications Inc., Yahoo Inc. disclosed what looks like one of the largest reported thefts of user information in U.S. history. Yahoo has confirmed that a “state-sponsored”...more

Aravind Swaminathan Weighs in on Proposed Cybersecurity Regulations for Financial Institutions

Aravind Swaminathan, global co-chair of Orrick’s Cybersecurity & Data Privacy team, recently spoke with Global Investigations Review regarding new plans proposed by New York’s Department of Financial Services that will...more

Survey Shows Employees Top Security Risk for Companies

A recent survey conducted by Arlington Research for OneLogin in May 2016 of 1,022 respondents found what most of us already know: employees continue to be a high risk for employers when it comes to security risk. The...more

Four States Expanded Employer Data Breach Notification Obligations in 2016

With over 680 security breaches reported so far in 2016, more employers are being forced to confront the issue of how to respond to a breach. All states except Alabama, North Dakota and New Mexico now require notification...more

Your daily dose of financial news - The Brief – 9.26.16

The Deal Professor weighs in on Yahoo’s announcement last week of the hack of roughly 500 million of its customers’ data and the specter of the MAC (material adverse change) that Verizon may choose to invoke to dance away...more

Better Late Than Never? Yahoo Reveals 500 Million Affected From 2014 Hack

Quick to blame a state-sponsored organization, Yahoo announced at least 500 million of their account holders had their information stolen – in 2014. A statement released on September 22, 2016, by Yahoo’s Chief...more

Don’t doubt the data breach: Massive Yahoo hack reminds us it’s not if, but when

Today, September 22, 2016, internet giant Yahoo announced a data breach that exposed the information of over 500 million of its users. The breach, announced by CEO Melissa Meyer, involved the breach of Yahoo servers exposing...more

Privacy Tip #53 – Valuable Lesson: Don’t Write Down Passwords

I have been doing a lot of live employee training lately. I really enjoy it, and have been told that it is some of the most entertaining training around. The reason why I can get the audience to laugh is because I tell real...more

6th Circuit “Stands” Up for Plaintiffs in Data Breach Suit

A recent decision by the U.S. Sixth Circuit Court of Appeals lowers the threshold for standing in data breach cases, giving data breach victims an easier path to sue the companies from which their data was stolen. Adam Frey...more

Big Data, Big Risk? Privacy and Security Tips for Fintech Companies

Many fintech companies collect and process vast amounts of data in order to provide financial services quickly and inexpensively. Much of this data is highly sensitive personal information such as date of birth, social...more

Questions Remain Regarding Revised NAIC Data Security Model Law

The National Association of Insurance Commissioners (NAIC) Cybersecurity (EX) Task Force released its second version of the Insurance Data Security Model Law (Model) on August 17. The first version was exposed on March 3, and...more

U.S. House Of Representatives Announces OPM Data Breach Findings

On Wednesday, September 7, Republicans on the U.S. House of Representatives’ Committee on Oversight and Government Reform released a report detailing the events leading up to the sweeping hack of the federal Office of...more

New York Proposes First-Ever Cybersecurity Regulation for Financial Institutions

The New York Department of Financial Services recently announced a new proposed rule, which would require financial institutions and insurers to implement strong policies for responding to cyberattacks and data breaches. ...more

Accountant and Attorney Liability Newsbrief - Fall 2016

Massachusetts recently amended its pay equity statute, which substantially enforces the protections of the Massachusetts Equal Pay Act. These changes will go into effect in July 2018. The prohibitions against discriminating...more

Cyber Alert: Security Vulnerabilities: You Don’t Need a Breach to Face Regulatory Scrutiny

Those who track newsworthy data breaches and other cybersecurity incidents know what type of fallout to expect from these events. Class action lawsuits from consumers, shareholders and financial institutions are now not an...more

Don’t Ignore Ransomware Vulnerabilities; You Could Be Violating FTC Act

Last week, the Federal Trade Commission convened a ransomware workshop to discuss the rising epidemic of attacks against U.S. businesses and individuals. In a ransomware attack, a malicious actor tricks a user into...more

Consumer Agreement Audits: Reduce Risk Posed by Financial Aggregators and Cyber Attacks

Has your banking organization conducted its annual review of its electronic banking agreements? If you haven’t, your organization may want to consider whether revisions are required to your bank’s deposit agreements, online...more

Business Viewpoint with Tom Vincent: Early investments can pay off in protecting company information

A breach of a company’s information security, and the theft or loss of sensitive data, can be very expensive. These costs can often be reduced, however, by making investments in the security of the company’s information – and...more

Cyber Insurance: Common Pitfalls of the Insured

As we have noted in a number of recent posts, tech companies need cyber insurance. The risk of not having it is simply not worth it.  But cyber insurance policies can be confusing to understand because the policies vary...more

Cybersecurity News and Notes - September 2016

In Case You Missed It: The Federal Trade Commission has opened a public comment period to evaluate its Safeguards Rule (16. C.F.R. § 314.3). Under the Gramm-Leach-Bililey Act (GLBA), which regulates financial institutions,...more

Survey Of Federal Government IT Personnel Finds Big Data Analytics Enhances Cybersecurity; Challenges Persist

On August 29, 2016, MeriTalk, a public-private partnership that works on government Information Technology (“IT”) issues, released a report titled “Navigating the Cybersecurity Equation.” The report examines how federal...more

DHS Partners With States To Strengthen Election Cybersecurity Infrastructure

Last week, the National Association of Secretaries of State (“NASS”) appointed four secretaries of state to the Department of Homeland Security’s (“DHS”) Election Infrastructure Cybersecurity Working Group (“Working Group”). ...more

NAIC's New Cybersecurity Model Law Draft Is Still Flawed

Insurers are a prime target for hackers as a result of the vast stores of valuable data they maintain. Not all information is created equal, and it varies in value. Hacker services and software, illegal drugs, cyberweapons...more

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