News & Analysis as of

Hackers Financial Institutions Cybersecurity

Jackson Lewis P.C.

Failure to Safeguard, Two Cyber Intrusions, and an $850,000 SEC Settlement

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Virtually all organizations have an obligation to safeguard their personal data against unauthorized access or use. Failure to comply with such obligations can lead to significant financial and reputational harm. In a...more

Sheppard Mullin Richter & Hampton LLP

SEC Continues its Cybersecurity Focus, Settles with Company over Lax Security Measures

The SEC recently issued an order and settlement against a company from a pair of cyberattacks in which millions of dollars of client funds were stolen. While the company was able to recover a portion of the funds and...more

Wilson Sonsini Goodrich & Rosati

Cybersecurity: What to Watch for in 2024

In 2024, businesses will continue to face an evolving landscape of cyber threats, along with an increasingly complex regulatory environment. With heightened scrutiny from regulators, consumers, and investors, the need to...more

Katten Muchin Rosenman LLP

New FTC Rule Requires Certain Financial Institutions to Report Loss of Unencrypted Customer Data

On October 27, the Federal Trade Commission (FTC or Commission) published a final rule expanding data breach notification requirements for certain financial institutions (Final Rule). Federal Register, will require entities...more

Bracewell LLP

More Wiggle Room for White Hat Hackers?

Bracewell LLP on

On May 19, 2022, the Department of Justice (“DOJ”) announced significant clarifications to its policy on charging Computer Fraud and Abuse Act (“CFAA”) violations that give some comfort to cyber security consultants who...more

Burr & Forman

FINRA Urges Firms to Heed CISA/FBI “Shields Up” Warning on Russia

Burr & Forman on

The regular “Weekly Update” email from the Financial Industry Regulatory Authority (“FINRA”) had an eye-catching warning February 16, urging broker-dealer member firms to heed the “Shields Up” cyber threat warning from the...more

Manatt, Phelps & Phillips, LLP

U.S. Cyber Regulations Expand: Banking Agencies Approve New Incident Notification Requirements

On November 18, the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) adopted a rule that will require banking organizations and their bank service providers...more

Polsinelli

Federal Banking Regulators Issue Rule Requiring 36 Hour Notice of Ransomware and Other Disruptive Cybersecurity Incidents

Polsinelli on

On November 18, 2021, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency issued a joint final rule to require banking...more

Akerman LLP

New OFAC Advisory Offers Steps to Reduce Sanctions Risks for Entities Facilitating Ransomware Payments

Akerman LLP on

Companies that make ransomware payments, whether they be the victim of a ransomware attack or entities that facilitate such payments, should review the updated advisory issued by U.S. Department of the Treasury's Office of...more

Jones Day

OFAC Issues Additional Ransomware Guidance and Designates Virtual Currency Exchange

Jones Day on

The U.S. Treasury Department has issued an updated ransomware advisory that highlights sanctions risks associated with ransomware payments and details proactive steps companies can take to mitigate these risks....more

Bilzin Sumberg

OFAC Warns Companies Again Not to Pay Ransomware Demands and Offers Helpful Hints for Mitigating Risks

Bilzin Sumberg on

On September 21, 2021, The Department of Treasury’s Office of Foreign Assets Control (“OFAC”) issued an Updated Advisory “to highlight the sanctions risks associated with ransomware payments in connection with malicious...more

Bennett Jones LLP

OSFI Cybersecurity Guidance and Notification Requirements

Bennett Jones LLP on

OSFI, the Canadian Federal Office of the Superintendent of Financial Institutions, on August 13, 2021, issued new guidance on Technology and Cyber Security Incident Reporting, replacing prior guidance of March 2019....more

Foodman CPAs & Advisors

FinCEN to host second ‘exchange’ on preventing ransomware

The United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) will hold a second FinCEN Exchange in August to discuss ways to combat increasingly sophisticated cyber and ransomware attacks. The FinCEN...more

Faegre Drinker Biddle & Reath LLP

Federal Legislation Considers Banning Ransom Payments to Hackers

The year 2021 continues to reveal an alarming rise in ransomware attacks. Two of the most notable of such attacks include the ransomware attack on CNA Financial Corp., with resulting payment of $40 million in ransom, and the...more

Robinson+Cole Data Privacy + Security Insider

NYDFS Issues Report on SolarWinds

This week, the New York State Department of Financial Services (NYDFS) issued the Report on the SolarWinds Cyber Espionage Attack and Institutions’ Response....more

McGuireWoods LLP

DOJ Accelerates Enforcement Efforts Against Cybercriminals Who Engage in Ransomware Attacks

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On successive days last week, the Department of Justice (DOJ) unveiled enforcement actions against international cybercriminal organizations that utilized ransomware to infect computer systems and then extort payment, often...more

Baker Donelson

Data Privacy Day: Top Considerations for 2021

Baker Donelson on

Happy Data Privacy Day! Since 2007, privacy professionals from across the globe have gathered together on January 28 to raise awareness about data privacy and security best practices and issues. ...more

Foodman CPAs & Advisors

Financial Institutions to Remain Vigilant of Ransomware Attacks as they are Facilitators of Ransomware Payments

On October 1, 2020, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert Financial Institutions (FI) relating to “predominant trends, typologies, and potential indicators of ransomware and associated...more

Akin Gump Strauss Hauer & Feld LLP

OFAC Releases Advisory on Sanctions Risk Involving Ransomware Payments

In early October, the United States Department of Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory, warning of the potential risk of sanctions to companies and individuals who pay ransomware payments. The...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - October 2020

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CYBERSECURITY - OFAC Issues Advisory on Sanctions for Facilitating Ransomware Payments - On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory “to...more

Hinshaw & Culbertson LLP

Court Rejects Coverage for Phishing Loss Under Financial Institutions Bond, Calls for More Briefing on Computer Systems Fraud...

A New Jersey federal district court held last week that losses arising out of a phishing scam were not covered under a bank's Financial Institutions Bond. In Crown Bank JJR Holding Co. v. Great Am. Ins. Co., 2020 U.S. Dist....more

Robinson+Cole Data Privacy + Security Insider

New York DFS Issues Risk Alert Concerning Possible Iran Cyber-Attacks

In view of Iran’s vows to retaliate against the United States for the death of Quassem Soleimani, the NYDFS has issued an industry letter  to all regulated entities regarding the need for heightened cybersecurity precautions....more

Faegre Drinker Biddle & Reath LLP

Further Expansion of Data Security Requirements in FTC Order with LightYear Dealer Technologies

The FTC has entered into a settlement with LightYear Dealer Technologies, doing business as DealerBuilt, a technology company that develops and sells dealer management system (DMS) software and data processing services to...more

Balch & Bingham LLP

Class Certification Denied for Data Breach Claim Brought by Bank Against Retailer

Balch & Bingham LLP on

Last week, the U.S. District Court for the Middle District of Alabama denied Southern Independent Bank’s (“Southern Independent’s”) motion for class certification following a data breach which allegedly affected over 2,000...more

Robinson+Cole Data Privacy + Security Insider

Financial Industry Getting Hammered with Cyber-Attacks

Cybersecurity company Carbon Black recently issued a report of the results of a survey of chief information security officers (CISOs) of financial organizations, which showed that the financial industry is getting hammered by...more

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