News & Analysis as of September 20, 2024

Cybersecurity › Safeguards Rule

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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 -

Navigating Emerging Privacy Issues in Financial Services — The Consumer Finance Podcast

Troutman Pepper on 9/5/2024

In this episode of The Consumer Finance Podcast, Chris Willis is joined by privacy Partner Kim Phan and Rami Haddad, deputy general counsel at PRA Group. This episode delves into a range of emerging privacy issues impacting...more

U.S. SEC Adopts Amendments to Reg S-P

Morrison & Foerster LLP on 5/29/2024

On May 16, 2024, the SEC adopted amendments to Regulation S-P (“Reg S-P”). The finalized amendments (the “Amendments”) to Reg S-P are designed to address the expanded use of technology and corresponding risks that have...more

SEC Adopts Amendments to Regulation S-P

Mayer Brown on 5/21/2024

On May 15, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments (the “Amendments”) to Regulation S-P under the Securities Exchange Act of 1934 (the “Exchange Act”), which governs the treatment of...more

FTC’s Safeguards Rule notification requirement under GLBA now in effect

Orrick, Herrington & Sutcliffe LLP on 5/21/2024

On May 14, the FTC published a business blog post announcing the Safeguards Rule, an amendment to the GLBA, is in effect as of May 13. The Safeguards Rule applies to financial institutions subject to the FTC’s jurisdiction...more

Reminder: FTC Safeguards Rule Notification Requirement Now In Effect

Sheppard Mullin Richter & Hampton LLP on 5/20/2024

On May 13, the FTC’s amendment to the Safeguards Rule relating to the reporting of data breaches and security incidents, which were announced in October of 2023, became effective. As a reminder, the FTC’s Safeguards Rule...more

Embracing Data Privacy to Drive Business Growth with Aihong Yu, Chief Privacy Counsel of CDK Global

Furia Rubel Communications, Inc. on 3/4/2024

In this episode of On Record PR, Gina Rubel goes on record with Aihong Yu, Chief Privacy Counsel of CDK Global, to discuss how embracing privacy and security measures…...more

Safeguarding Against the Rise of Deepfake Scams: What Employers and Employees Need to Know

Kohrman Jackson & Krantz LLP on 2/19/2024

A recent deepfake scam has rocked the financial landscape of Hong Kong, demonstrating the extreme lengths to which cybercriminals are willing to go to defraud unsuspecting victims. This sophisticated scheme, which saw...more

2023 Year in Review: Data Privacy and Cybersecurity

Goodwin on 2/16/2024

Welcome to the Data Privacy and Cybersecurity chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - Amendments to key rules and regulations will take effect in 2024,...more

Don’t Forget: It’s Time to Notify the FTC of Your Data Breach

McGuireWoods LLP on 2/9/2024

This summer, the Federal Trade Commission (“FTC”) will once again tighten the belt on entities that offer financial products and services when another round of amendments to the Gramm-Leach-Bliley Safeguards Rule goes into...more

The FTC’s Expanded Cybersecurity Requirements Affecting Non-Banking Small Businesses

Dunlap Bennett & Ludwig PLLC on 1/15/2024

The expansion of the FTC’s Safeguards Rule will require businesses to notify customers and the FTC of cyber breaches that had previously been excluded from reporting requirements. Previously, only banks had been required to...more

Year in Review: The Top 10 US Data Privacy Developments From 2023

WilmerHale on 1/8/2024

2023 marked a pivotal moment in US data privacy and cybersecurity, characterized by substantial regulatory and legislative advances at the international, federal, and state levels. The Federal Trade Commission (FTC) took a...more

The FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Disclose Certain Security and Data Breaches

Epstein Becker & Green on 12/11/2023

On October 27, 2023, the Federal Trade Commission (“FTC”) approved an amendment to the Safeguards Rule that requires non-banking financial institutions (e.g., mortgage companies, mortgage brokers, and creditors) to notify the...more

FTC Amends Financial Institution Safeguards Rule to Include New Obligation to Report Notification of Data Security Breaches

Benesch on 11/29/2023

The amended rule requires financial institutions to notify the FTC within 30 days of discovery of a security breach involving information of at least 500 consumers. ...more

More Privacy, Please - September/October 2023

Troutman Pepper on 11/28/2023

Editor’s Note: The FTC continues to crack down on privacy and cybersecurity, including issuing a new warning to tax preparation companies and entering into a consent decree with 1Health.io. VPPA and BIPA litigation continues...more

Federal Government Continues Its Big Push for Cybersecurity with SEC Action Against SolarWinds and Its CISO

Bradley Arant Boult Cummings LLP on 11/27/2023

On October 30, 2023, the Securities and Exchange Commission (SEC) announced a civil suit against SolarWinds and their chief information security officer (CISO) for fraudulent cybersecurity information. The SEC claims that...more

FTC Amends Safeguards Rule

Morgan Lewis - Tech & Sourcing on 11/27/2023

The Federal Trade Commission (FTC) recently adopted a final rule amending its Standards for Safeguarding Customer Information (commonly referred to as the “Safeguards Rule”) to require financial institutions to report certain...more

FTC Adds New Data Breach Reporting Obligations Under Safeguards Rule

Cooley LLP on 11/21/2023

On October 27, 2023, the Federal Trade Commission (FTC) unanimously approved an amendment to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule to require certain covered financial institutions to report a broad range of data...more

FTC Approves New Data Breach Notification Requirement for Nonbanking Financial Institutions

Alston & Bird on 11/15/2023

With an amendment to its Safeguards Rule, the Federal Trade Commission has joined other federal agencies regulating cybersecurity breaches. Our Privacy, Cyber & Data Strategy Team analyzes how the amendment will affect...more

FTC Non-Banking Financial Institutions Safeguards Rule

Constangy, Brooks, Smith & Prophete, LLP on 11/15/2023

The Federal Trade Commission has approved an amendment to the Safeguards Rule under the Gramm-Leach-Bliley Act that creates a new data privacy regulatory reporting requirement for non-banking financial entities. Covered...more

FTC Adopts Data Breach Notification Obligations for Non-Banking Financial Institutions

Polsinelli on 11/14/2023

On October 27, 2023, the Federal Trade Commission (“FTC”) adopted an amendment to the FTC’s Safeguards Rule that will require non-banking financial institutions to notify the FTC within thirty days of discovering a data...more

FTC Requires Non-Bank Financial Institutions to Report Data Security Breaches Under Amended Safeguards Rule

Jones Day on 11/13/2023

On Friday, October 27, the Federal Trade Commission ("FTC") announced new amendments to the Safeguards Rule, requiring covered financial institutions to report certain data breaches to the FTC and reflecting its continuing...more

A New General Notice Requirement for Financial Institutions

Holland & Knight LLP on 11/7/2023

The Federal Trade Commission (FTC) on Oct. 27, 2023, announced further amendments to the Gramm-Leach-Bliley Safeguards Rule (Safeguards Rule). The Safeguards Rule became effective in 2003, requiring certain financial...more

FTC Amends Safeguards Rule, Requires Non-Banks to Report Data Security Breaches

Sheppard Mullin Richter & Hampton LLP on 11/6/2023

On October 27, the FTC has approved an amendment to the Safeguards Rule that would require non-banking institutions to report certain data breaches and other security events to the agency. The amendment requires financial...more

FTC approves amendment to Safeguards Rule requiring nonbanks to report data breaches

Orrick, Herrington & Sutcliffe LLP on 11/6/2023

On October 27, the FTC approved an amendment to the Safeguards Rule to require nonbanks to report data breaches. Under the amended rule, financial institutions, including mortgage brokers, motor vehicle dealers, and payday...more

Federal Trade Commission Expands Rule Regarding Reporting of Data Security Breaches

Jackson Lewis P.C. on 11/6/2023

The Federal Trade Commission (FTC) has approved an amendment to its Safeguards Rule that will require non-banking financial institutions to report certain data breaches (or “notification events”) to the FTC (not affected...more

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Cybersecurity › Safeguards Rule

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