The time has come for entities regulated by the New York Department of Financial Services to make their first certification of compliance with the regulator’s cybersecurity rules....more
Banks continue to file suit against retailers, hoping to shift the costs of data breaches, with some recent success.
What happened -
In January 2016, hackers accessed Eddie Bauer’s point-of-sale register system and...more
Hoping to provide greater clarity to financial institutions subject to its new cybersecurity requirements, New York’s Department of Financial Services (DFS) published a Frequently Asked Questions (FAQ) document to assist...more
Why it matters -
Adding to the banks’ compliance obligations, effective immediately, banks chartered or licensed in New York will now face an updated cybersecurity examination process, Superintendent of the Department...more
Why it matters -
Reflecting the continued regulatory focus on cyber risks, Deputy Secretary of the Treasury Sarah Raskin has some advice for banks: buy cyber insurance. Speaking at the Texas Bankers’ Association...more
Why it matters -
Reflecting continued regulatory focus on the issue of cybersecurity, Comptroller of the Currency Thomas Curry said in recent remarks, retailers must be held accountable for data breaches, urging...more
Financial institutions are facing an “urgent” threat of hacks and cyberattacks causing regulators to take a closer look at banks’ efforts to combat such concerns, the Federal Deposit Insurance Corporation (FDIC) Chairman...more
Choosing to adopt a broad view of what constitutes bank fraud under the federal bank fraud statutes, the U.S. Supreme Court held that to constitute a violation of the statute, no proof of intent to defraud the particular...more
Under a new proposal issued by the Consumer Financial Protection Bureau (CFPB), financial institutions could avoid the requirement to mail an annual privacy notice to customers by instead referring them to an online notice,...more
Who should be responsible for paying for the costs of data breaches? -
Reacting to the recent high-profile security lapses at major retailers, California lawmakers are considering a bill that would shift the burden of...more