Risk Management Covered Entities

News & Analysis as of

Banks to Broaden Reporting of Suspicious Cyber Activity; Regulators Propose “Enhanced” Cybersecurity Standards

The fourth quarter of 2016 has seen an uptick in regulatory activity respecting the financial services sector in the cybersecurity space, both at the state level as previously discussed (here) and on the federal level....more

OCR Stresses Importance of Authentication in Newsletter

In a recent newsletter, the Office for Civil Rights (OCR) encourages health care organizations to review their procedures around authentication and “ensure that they have the appropriate safeguards in place.”...more

Federal Regulators Unveil Proposed Cybersecurity Standards for Large Financial Firms

On October 19, 2016, federal regulators issued an Advance Notice of Proposed Rulemaking titled “Enhanced Cyber Risk Management Standards.” The draft standards, jointly released by the Federal Reserve, the Federal Deposit...more

Morgan Lewis Urges NYDFS to Modify Proposed Cybersecurity Rules

The New York Department of Financial Services has issued proposed “first-in-the-nation” cybersecurity rules that could place a heavy compliance burden on affected financial companies; Morgan Lewis submitted a comment letter...more

Just Released Proposed Cyber Risk-Management Update for the Financial Sector

On October 19, US banking agencies released an advanced notice of proposed rulemaking (ANPR) seeking comments on enhanced cybersecurity standards. These standards potentially would apply to ..US bank holding companies...more

New York Financial Regulators Introduce Robust Cybersecurity Regulations

New York’s Department of Financial Services (“NYDFS”) recently proposed cybersecurity regulations intended to protect consumers and financial institutions from the ongoing threat of cyber-attacks. NYDFS’s proposed...more

Stinson Leonard Street's Emerging Trends Newsletter - Q3

We are thrilled to bring you the third installment of Stinson Leonard Street's Emerging Trends newsletter. We are proud of the depth and breadth of experience and knowledge across our firm's 13 offices nationwide and are...more

The New York State Department of Financial Services Proposes Robust Cybersecurity Rules

On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic...more

OCR Issues Guidance on HIPAA and Cloud Computing

On October 7, 2016, the U.S. Department of Health and Human Services (“HHS”), Office for Civil Rights (“OCR”), released a guidance document (the “Guidance”) on the HIPAA-compliant use of cloud computing technologies. The...more

The Cyber Regulation Drops

On September 13, 2016, Governor Andrew Cuomo announced the first proposed broadly applicable cyber regulation in the U.S. (the “Regulation”). The Regulation covers banks, insurance companies and other financial institutions...more

New York's DFS Proposed Cybersecurity Regulations for Financial Institutions

New York's Department of Financial Services (DFS) has a proposed broad-reaching cybersecurity regulation that would impose new corporate governance, risk management and vendor management requirements on banks and other...more

Taking Measure of HIPAA Enforcement

Last month, the U.S. Department of Health and Human Services, Office for Civil Rights (OCR) announced the largest settlement to date for alleged violations of the Health Insurance Portability and Accountability Act (HIPAA)....more

New York State Proposes New Cybersecurity Regulation

The New York State Department of Financial Services (“DFS”) has proposed a new regulation imposing significant new cybersecurity requirements on banks, insurance companies, and other financial services institutions regulated...more

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

HIPAA Audit Check-Up – Where We Are and What’s to Come

Phase 2 of the HIPAA audits is fully underway, and covered entities now can take a breath if they have not received a desk audit request. But we still are at the beginning of Phase 2, with more to come. ...more

How to Develop a HIPAA Incident Response Team

Covered entities and business associates are required to identify and report breaches of unsecured protected health information (“PHI”) and security incidents. “Breach” is defined as the acquisition, access, use, or...more

It’s Not the Olympics, but OCR Sets New HIPAA Settlement Records

Athletes at the Rio Olympics aren’t the only ones setting records this year. Hoping to send a “strong message” about the importance of safeguarding electronic protected health information (PHI) and conducting mandated risk...more

Record-Breaking HIPAA Settlement Sends Strong Message to Covered Entities

This month marked the largest HIPAA settlement to-date for a single entity. Advocate Health Care Network (“Advocate”) agreed to pay $5.5 million and adopt a corrective action plan after an investigation by the Department of...more

Largest HIPAA Settlement Announced Against A Single Entity: $5.55 Million

On August, 4, 2016, the U.S. Department of Health and Human Services, Office for Civil Rights (OCR) announced that Advocate Health Care Network (Advocate) agreed to pay a settlement amount of $5.55 million and adopt a...more

Client Alert: The Government Enters into Largest HIPAA Settlement to Date; What HIPAA Covered Entities and Business Associates...

Advocate Health Care Network, which operates 12 hospitals and more than 200 other treatment centers in Chicago and central Illinois, has agreed to the largest settlement to date with the Office for Civil Rights (“OCR”) for...more

Largest Health & Human Services HIPAA Settlement Wake-Up Call for Covered Entities to Evaluate and Mitigate Risks

On Thursday, August 4, 2016, the U.S. Department of Health & Human Services, Office of Civil Rights (OCR) announced the largest settlement ever with a single entity for multiple potential Health Insurance Portability and...more

2.7 Million Dollar HIPAA Settlement

Last week, Oregon Health & Science University (“OHSU”) agreed to pay $2.7 million to resolve potential violations of the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) Security Rule, Privacy Rule, and...more

Client Alert - The Government Makes a Business Associate Pay: What HIPAA Covered Entities and Business Associates Can Learn from...

The government has entered into its first settlement with a HIPAA business associate, including a $650,000.00 monetary penalty, ushering in a new period of enforcement for third parties who use Protected Health Information...more

OCR Warns of HIPAA Risks in Third-Party Apps

The U.S. Department of Health and Human Services Office for Civil Rights (OCR) recently issued a warning regarding vulnerabilities in third-party applications used by entities covered by HIPAA. The OCR warning applies...more

Agencies Issue Proposed Regulations on Incentive-Based Compensation

In late April and early May, the National Credit Union Administration, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, the Board of Governors of the Federal Reserve System, Officer of the Comptroller of...more

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