News & Analysis as of May 10, 2025

Data Protection

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

Congressional Investigations Outlook: What to Expect from the 119th Congress

Morrison & Foerster LLP on 2/5/2025

The 119th Congress is underway, and Republicans control both chambers. With President Trump in the White House, both the House and the Senate will focus more of their oversight on the private sector. Continuing a trend over...more

Don’t Let Cyber Scams Ruin the Holidays: Keep the Holiday Season Festive for Your Organization

K2 Integrity on 12/20/2024

“It’s the most wonderful time of the year”—or is it? Unfortunately, it can be the most wonderful time for criminals, who try to prey on financial generosity through scams and frauds. Extra vigilance is needed during the...more

Preparing for Enhanced POPIA Enforcement in South Africa

Arnall Golden Gregory LLP on 11/25/2024

Recent statements by South Africa’s Information Regulator (“IR”) indicate an impending crackdown on data privacy compliance, specifically within the banking and insurance sectors. The IR has announced its intention to enforce...more

CFPB Report Highlights Financial Data Protection Challenges

Sheppard Mullin Richter & Hampton LLP on 11/18/2024

On November 12, the CFPB released a report analyzing federal and state-level privacy protections for consumer financial data. The current federal framework for financial data privacy relies on the Gramm-Leach-Bliley Act...more

Santander Faces Major Cyber Attack Compromising Millions of Customers’ Data

HaystackID on 6/7/2024

In May, Santander Bank faced a significant cybersecurity breach that affected millions of its customers and employees worldwide. The hacking group ShinyHunters claimed responsibility for the attack, which also targeted...more

The UK’s Pursuit of Open Finance

Skadden, Arps, Slate, Meagher & Flom LLP on 4/30/2024

In April 2024, the UK government reiterated its vision for open finance, with UK Economic Secretary Bim Afolami (MP) announcing the creation of the Open Finance Taskforce at the 2024 Innovate Finance Global Summit. The...more

Security Snippets: New trojan Coyote

Hogan Lovells on 2/16/2024

Coyote, a new Brazilian malware, is currently hunting down credentials for sixty-one (61) different banking applications. Researchers expect the malware to spread internationally. Russian cybersecurity firm Kaspersky has...more

New York Department of Financial Services Finalizes Amended Cybersecurity Regulations

Orrick, Herrington & Sutcliffe LLP on 12/7/2023

On November 1, the New York Department of Financial Services (NYDFS) amended its cybersecurity regulations to set additional notification, administrative, training and technical requirements. The Amended Cybersecurity...more

NYDFS Finalizes Significant Amendment to Part 500 Cybersecurity Regulation

A&O Shearman on 11/29/2023

On November 1, 2023, the New York State Department of Financial Services (“NYDFS”) issued its Second Amendment (the “Amendment”) to its Cybersecurity Requirements for Financial Services Companies adopted in 2017, codified in...more

Client Alert: New York Issues Significant Amendments to its Forward-Leaning Cyber Regulations

Jenner & Block on 11/8/2023

In 2017, the New York Department of Financial Services (“NYDFS”) enacted a landmark regulation requiring financial services institutions such as banks and insurance companies in the state to meet substantial cybersecurity...more

Updata: Your quarterly privacy & cybersecurity update - July - September 2023

Eversheds Sutherland (US) LLP on 11/7/2023

Welcome to the latest edition of Updata – the international update from Eversheds Sutherland’s dedicated Privacy and Cybersecurity team. Updata provides you with a compilation of privacy and cybersecurity regulatory and...more

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

Katten Muchin Rosenman LLP on 11/2/2023

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

EU Cybersecurity Rules and DORA: Commission Resolves Conflict

Goodwin on 9/22/2023

In a previous alert, Too Important To Fail? Further Light on When EU and Non-EU Technology Providers Will Become Subject To DORA, we discussed the EU Digital Operational Resilience Act (DORA). We have also set up a microsite...more

EU court says banks are not exempt from GDPR obligation to provide information on data processing

Orrick, Herrington & Sutcliffe LLP on 6/28/2023

On June 22, the Court of Justice of the European Union (CJEU) issued a judgment concluding that banks are not exempt from providing information upon request about when and why an individual’s data was accessed. However, banks...more

Kansas enacts financial institutions information security act

Orrick, Herrington & Sutcliffe LLP on 4/27/2023

On April 20, the Kansas governor signed SB 44 to enact the Kansas financial institutions information security act. The Act establishes information security standards for covered entities, and applies to credit service...more

Four Cybersecurity Law Issues for Financial Services to Track in 2023 | Insights

Venable LLP on 2/17/2023

The financial services sector must already contend with a maze of regulations in a variety of areas, and 2023 is poised to usher in new cybersecurity regulations for the industry. Organizations should ensure their security...more

Financial Institutions Require More Oversight of Cybsersecurity Risk under NYDFS

Katten Muchin Rosenman LLP on 11/11/2022

The New York Department of Financial Services (NYDFS) has published a proposal to amend its cybersecurity rules, which will require regulated companies to notify the NYDFS of a third-party cybersecurity incident within 72...more

Federal Banking Agencies Adopt New Computer-Security Incident Notification Requirements

Morgan Lewis - All Things FinReg on 12/3/2021

The three federal banking agencies (i.e., the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency—collectively, the Agencies) published a final rule (the Rule)...more

Federal Regulators Adopt New Computer-Security Incident Notification Requirements for Banks and Service Providers

Pillsbury Winthrop Shaw Pittman LLP on 12/2/2021

In response to increasingly frequent and sophisticated cybersecurity attacks on banks and bank service providers, the federal prudential banking regulators—the Office of the Comptroller of the Currency (OCC), the Board of...more

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - October 2021 #3

Troutman Pepper Locke on 10/26/2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

Chambers Global Practice Guide: Fintech 2021 Trends and Developments

Bradley Arant Boult Cummings LLP on 3/23/2021

Crisis has set the stage for fintech companies in 2021, creating both new opportunities and potentially unprecedented challenges to innovation. While the coronavirus pandemic continues to accelerate the digital transformation...more

Financial Services Report - Spring 2021

Morrison & Foerster LLP on 3/2/2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Financial Agencies Contemplate 36-hour Deadline For Cyber Disclosures

Husch Blackwell LLP on 2/4/2021

Keypoint: April 12, 2021 is the deadline to comment on a proposed rule that would require banking organizations and bank service providers to promptly report computer-security incidents. The Office of the Comptroller of...more

[Webinar] Data Protection & Cybersecurity Challenges for Financial Institutions in 2021 - February 17th, 2:00 pm - 3:00 pm EST

UB Greensfelder LLP on 1/25/2021

Join Frances Floriano Goins and Laura J. Shaw, Associate General Counsel from KeyBank, NA, as they review the myriad regulatory schemes that govern data protection for financial services providers, keying in on both newly...more

Faster and More Comprehensive Breach Notification Requirements Proposed for Banks

Baker Donelson on 1/13/2021

The Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB), and the Federal Deposit Insurance Company (FDIC), have issued a notice of proposed rulemaking (Proposed Rule) that would require a banking...more

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