News & Analysis as of

Hackers Financial Institutions Risk Management

Guidepost Solutions LLC

Investment Advisers and Generative AI

Start Planning Now to Reduce Your Increased Money Laundering, Sanctions, and Conflicts of Interest Risks The introduction and use of generative artificial intelligence (GenAI) and predictive data analytics (PDAs) by...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

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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

Bennett Jones LLP

OSFI Cybersecurity Guidance and Notification Requirements

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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

Baker Donelson

Data Privacy Day: Top Considerations for 2021

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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

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 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

Moore & Van Allen PLLC

SEC Issues Disclosure Guidance as Part of Continued Focus on Cybersecurity

Moore & Van Allen PLLC on

As cybersecurity attacks have continued to gain prominence as a threat posing critical risk management and compliance challenges for financial institutions, the Securities and Exchange Commission (SEC) has emerged as an...more

Mitchell, Williams, Selig, Gates & Woodyard,...

FBI Warns of Impending Multimillion Dollar Global ATM Cashout, $13.5 Million Taken Already

According to a confidential FBI alert reported upon by Krebs on Security last Friday, the FBI issued an alert to banks concerning what is called an Unlimited ATM Cashout, attacks of which are expected in the near future....more

Robinson+Cole Data Privacy + Security Insider

FBI Issues Private Warning to Banks about Unlimited ATM Cashouts

On August 10, 2018, the Federal Bureau of Investigation (FBI) issued a private warning to banks warning them that cybercriminals are planning to “conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - August 2018 #2

Robinson & Cole LLP on

TCM Bank, a subsidiary of ICBA Bancard Inc., notified some 10,000 credit card applicants in the past week that their names, addresses, dates of birth, and Social Security numbers were compromised between March 2017 and the...more

The Volkov Law Group

Cybersecurity Compliance for Financial Institutions

The Volkov Law Group on

The New York Department of Financial Services has adopted detailed cybersecurity regulations for financial institutions. (Here). The NYDFS has filled a vacuum created by the failure of the federal government to act in this...more

Hogan Lovells

The evolving cyber insurance market: How IT companies, financial institutions, and other nontraditional players can offer cyber...

Hogan Lovells on

In this hoganlovells.com interview, Hogan Lovells counsel Robert Fettman discusses the evolution of cyber insurance, the level of regulatory oversight applied to covered entities, and ways that noninsurance companies can...more

Patterson Belknap Webb & Tyler LLP

SEC Warns of Ransomware Attacks

The U.S. Securities and Exchange Commission is asking broker-dealers, investment advisers and funds to redouble their cybersecurity efforts in wake of the global cyber-attack of the WannaCry virus that has spread to more than...more

Robinson+Cole Data Privacy + Security Insider

SWIFT Shores Up Network Security With Real Time Cybersecurity Tools

In an effort to combat an increasing number of fraudulent transfers carried out using its network, SWIFT, the international bank transfer network, announced this month that it is adding new tools and controls designed to...more

Manatt, Phelps & Phillips, LLP

Federal Regulators Seek Comments on Proposed Cybersecurity Rulemaking

The Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) released joint Advanced Notice of Proposed Rulemaking addressing enhanced cybersecurity...more

Robins Kaplan LLP

Lessons from the Wells Fargo Scandal

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Financial institutions must meet standards for safeguarding customer data given the particularly sensitive information they hold, and regulators have been stepping up their efforts to provide guidance on just how they must do...more

Orrick, Herrington & Sutcliffe LLP

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

McGuireWoods LLP

G-7 Leaders Establish Cybersecurity Best Practices for Financial Sector

McGuireWoods LLP on

Businesses and financial entities continue to grapple with the increasing frequency and sophistication of hacking, displayed by the recent botnet attack that affected numerous websites on October 21, 2016, as well as the...more

Ballard Spahr LLP

Federal Banking Agencies Propose New Requirements for Managing Cyber Risk

Ballard Spahr LLP on

Three federal banking agencies have announced plans to develop new rules that would establish cyber risk management and resiliency standards for large interconnected entities under the agencies' supervision, as well as those...more

Orrick, Herrington & Sutcliffe LLP

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

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update: New York State Proposes Cybersecurity Regulation for Financial Institutions

New York state has proposed a new regulation — to go into effect January 1, 2017 — that would require banks, insurance companies and other financial services institutions regulated by the New York State Department of...more

Robinson+Cole Data Privacy + Security Insider

In Wake of Cyber-Attacks, Regulators Focus on SWIFT as Senators Urge Obama to Press G20 to Combat Cybercrime

As cyber-attacks involving the global payment system SWIFT increase in frequency abroad, U.S. regulators are discussing steps designed to protect against similar attacks on U.S. financial institutions. The Federal Reserve,...more

McGuireWoods LLP

FFIEC Provides Banks with Guidance Following the SWIFT Hacks

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On June 7, 2016, the Federal Financial Institutions Examination Council (FFIEC) reminded banks of the cyber risks associated with interbank messaging and wholesale payment networks. FFIEC made its announcement after hackers...more

Davis Wright Tremaine LLP

Cybersecurity Response to Recent Wholesale Payment Systems Breaches

In February 2016, hackers stole $81 million from the Bangladesh central bank by sending fraudulent messages through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system. Three months...more

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