Cybersecurity

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

Cybersecurity Legislation Passes In The House

As an update to last week’s article, Congress To Take Up Major Cybersecurity Legislation During “Cyber Week”, the House passed H.R. 1560 and H.R. 1731. These Acts will now be combined and sent as a package to the Senate....more

EUROPE: Security and privacy must go hand in hand, not head-to-head, says European Privacy Supervisor

At a 29 April Cybersecurity and Privacy conference in Brussels, Keynote Speaker and recently appointed European Data Protection Supervisor (EDPS) Giovanni Buttarelli was given the opportunity to comment on his 5-year...more

IREG Update

Cybersecurity and the Insurance industry - Cybersecurity is quickly emerging as a top policy issue for insurance regulators. Speaking at a Dow Jones Risk & Compliance forum last week, on April 21, 2015, New York...more

Addressing Cybersecurity Oversight in Audit Committee Charters

Cybersecurity continues to emerge as a key risk that is attracting the attention of regulators and boards of directors. Companies take different approaches regarding how the board fulfills its oversight duty with respect to...more

Planning for Breach Notification Requirements in Your Customer Contracts

At the San Francisco “Exchange” Data Privacy and Cyber Security Forum on April 26, a spirited debate arose whether a federal breach notification law will/should be enacted to bring uniformity to the patchwork of breach...more

SEC Issues New Cybersecurity Guidance for Investment Funds

On April 28, the Securities and Exchange Commission (SEC) Division of Investment Management (the “Division”) published a Guidance Update setting forth cybersecurity concerns and advice for the registered investment ...more

Cybersecurity is a Real Risk, So Become “Compromise Ready”

Many have heard that “it is not a matter of if a company will be attacked, but when.” Statements like this used to be met with skepticism – companies would say we do not have information hackers want, we outsource our...more

Cybersecurity Workforce Measures Present Business Opportunities

As part of the federal government’s efforts to address cybersecurity needs in our age of state-sponsored hacking and other high-profile data breaches, the Department of Homeland Security (DHS) will soon undertake a...more

SEC Issues Cybersecurity Guidance Update for Investment Advisers

On April 28, 2015, the SEC’s Division of Investment Management (the “Division”) issued a Guidance Update regarding the SEC’s initiative to assess cybersecurity preparedness and threats in the securities industry, further...more

Secretary Of Homeland Security Seeks Cooperation Between Public And Private Sectors In Fight Against Cybercriminals

On April 21, 2015, Department of Homeland Security (“DHS”) Secretary Jeh Johnson spoke at the annual RSA Conference 2015. In his remarks, Johnson explained that, while the DHS was established primarily to focus on...more

Reed Smith's Government Contracts Weekly Rundown - April 2015 #4

Here is a rundown of last week’s top developments related to government contracts to get you back on track and ready for this week....more

New York’s DFS Reports on Third-Party Cyber Security

Why it matters - A new report released by New York’s Department of Financial Services (DFS) detailed the vulnerabilities found in the relationships that many financial institutions have with their third-party vendors....more

LabMD Litigation Updates

We have been following this case closely. On April 16, the administrative law judge in the FTC v. LabMD case denied LabMD’s request to exclude the FTC from introducing new evidence into the proceeding regarding how Tiversa...more

New York Regulator Finds Substantial Cyber Vulnerabilities in Banking System

Earlier this month, Benjamin Lawsky, Superintendent of Financial Services for the New York State Department of Financial Services (NYDFS), released a report finding “significant potential” vulnerabilities for cyber theft of...more

Privacy Tuesday – April 2015 #3

Some privacy & security bits and bytes to start your week: FCC to Hold Public Workshop on Broadband Consumer Privacy Tomorrow - Over the last several months, the Federal Communications Commission has taken on a...more

Banking & Financial Services E-Note - April 2015

In This Issue: - Insuring Against Data Breaches - Plaintiff in Foreclosure Action Snared by Evidence of Damages, Attorneys' Fees & Costs - Dodd-Frank Act Update April 2015 Edition - Bond Financing:...more

NAIC Provides Insurers and Regulators with Guidance on Data Security

Cybersecurity risks have become more significant as critical consumer financial and health information is increasingly stored in electronic form. On April 16, 2015, the National Association of Insurance Commissioners (NAIC)...more

Defense Department Releases Better Buying Power 3.0 Memorandum With New Focus On Cybersecurity

On April 9, the Department of Defense (“DOD”) issued a memorandum containing new directives to guide its procurement of new goods and services. The memorandum, the third in the Pentagon’s Better Buying Power initiative...more

China Appears To Delay Implementation Of New IT Security Measures In Banking Sector In Response To US, Canadian, EU, Japanese...

In response to concerns raised by the governments of the United States, Canada, the European Union and Japan - bilaterally and at the World Trade Organization (WTO) - the Chinese government appears to have placed...more

Argentina Adopts New Data Protection Regulations for the Use of Do Not Call Registry and CCTV

The Argentinian Data Protection Authority (DPA) beefs up penalties to fight robocalls and unconsented-to video surveillance by enacting Do Not Call and CCTV regulations....more

New York State Department of Financial Services Publishes Survey Results on Banking Industry Third-Party Service Providers and...

The New York State Department of Financial Services (NYDFS) recently published the results of its cybersecurity survey of more than 150 regulated small, medium, and large banking organizations. The survey asked for...more

House Passes the National Cybersecurity Protection Advancement Act

Following Wednesday’s approval of the Protecting Cyber Networks Act (H.R.1560) (“PCNA”), the House of Representatives passed the National Cybersecurity Protection Advancement Act (H.R. 1731) (“NCPAA”) on Thursday, a move...more

House passes bipartisan bill with liability protections for sharing cyber threat data

In the wake of huge data breaches in the last year, multiple pieces of legislation have been introduced in the past few months relating to cybersecurity and the sharing of information between public and private entities in...more

Regulators Examining Cybersecurity Policies and Practices for the Insurance Industry

Shortly after the discovery of a cybersecurity breach at the health insurance company Anthem, Inc., the National Association of Insurance Commissioners (NAIC) called for a multi-state examination of Anthem’s cybersecurity...more

Court Says Cyber Forensics Covered by Legal Privilege

The Middle District of Tennessee recently issued a key decision in the ongoing Genesco, Inc. v. Visa U.S.A., Inc. data breach litigation. The court denied discovery requests by Visa for analyses, reports, and communications...more

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