News & Analysis as of

Data Breach Financial Industry Regulatory Authority (FINRA)

Faegre Drinker Biddle & Reath LLP

FINRA to Member Firms: “You Heard the SEC, Create Plans for Data Breaches Now!”

On May 15, 2024, the SEC announced it would make amendments to Regulation S-P (Reg S-P). This will be the first amendment to the regulation since its adoption 24 years ago in 2000. The regulation focuses on how institutions...more

Goodwin

A Closer Look at the SEC’s Cybersecurity Rules for Covered Entities and Market Entities

Goodwin on

The SEC is continuing its campaign to overhaul cybersecurity, cyber incident reporting, and privacy controls and requirements for financial services industry registrants, their service providers, and corporate America...more

HaystackID

[Webcast Transcript] From Strategy to Tactics: Data Remediation at Private Equity and Hedge Funds

HaystackID on

On April 20, HaystackID shared an educational webcast developed to discuss best practices for handling big data and provide tangible field-experienced methods for data remediation. These best practices can be implemented at...more

Burr & Forman

FINRA Urges Firms to Heed CISA/FBI “Shields Up” Warning on Russia

Burr & Forman on

The regular “Weekly Update” email from the Financial Industry Regulatory Authority (“FINRA”) had an eye-catching warning February 16, urging broker-dealer member firms to heed the “Shields Up” cyber threat warning from the...more

BCLP

Supervision of Vendors When Outsourcing - The Buck Stops with FINRA Member Firms

BCLP on

Key Takeaways: ..On August 13, 2021, FINRA issued Regulatory Notice 21-29 (“RN 21-29”) to remind member firms that they must establish and maintain an adequate supervisory system, including written supervisory procedures...more

Fisher Phillips

Financial Services Employers Face Significant Increase In Cybersecurity Threats

Fisher Phillips on

Employers in the financial services sector are facing an unprecedented number of cybersecurity attacks during the pandemic crisis. To put this in perspective, the Financial Industry Regulatory Authority (FINRA) has issued...more

Burr & Forman

Cyber-Security Awareness Month & Phishing FINRA

Burr & Forman on

Phishing FINRA - October is cyber-security awareness month, so it’s only appropriate that FINRA started it with another Regulatory Notice warning member firms to beware of a false-survey phishing scheme.  The Notice warns...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - August 2020 #3

Robinson & Cole LLP on

CYBERSECURITY - U.S. Organizations Doing Business in China Warned of Malware in Tax Software - The Federal Bureau of Investigations (FBI) and the Cybersecurity and Infrastructure Security Agency (CISA) have issued a joint...more

Burr & Forman

Cyber Still Atop Exam Priorities

Burr & Forman on

FINRA held its bi-annual Cybersecurity Conference in January and recently published five take-away real-world experiences from the conference...more

Robins Kaplan LLP

Financial Daily Dose 7.30.2019 | Top Story: Capital One Reveals Data Breach Affecting 106 Million

Robins Kaplan LLP on

Financial giant Capital One, the fifth-largest credit card issuer in the U.S., announced on Monday that a hacker illegally accessed “the personal information of approximately 106 million card customers and applicants, one of...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

I wish I had some better news for you heading into Christmas, but Wall Street was not in the holiday spirit, with all major indices diving another 2% or so on Thursday....more

Holland & Knight LLP

U.S. Securities and Exchange Commission Updates Cybersecurity Disclosure Guidance - Agency Continues to Prioritize Cybersecurity...

Holland & Knight LLP on

• The U.S. Securities and Exchange Commission (SEC) released, on Feb. 21, 2018, updated guidance regarding public company cybersecurity disclosures. The guidance updates the Commission's 2011 non-binding guidance and...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - January 2018 #2

Robinson & Cole LLP on

Health Care Organizations Saw an 89% Increase in Ransomware in 2017 - Our experience last year is consistent with the conclusion of a new report issued by Cryptonite in its 2017 Health Care Cyber Research Report—that the...more

Carlton Fields

FINRA Focus on Cybersecurity Continues

Carlton Fields on

On November 14, the Financial Industry Regulatory Authority (FINRA) imposed a $650,000 fine against Lincoln Financial Securities Corporation (Lincoln Financial) for its failure to implement adequate data security measures to...more

Carlton Fields

Are You Prepared for Disruption? New regulations, new challenges and opportunities [Expect Focus – Vol. II, July 2016]

Carlton Fields on

- Fed Takes First Steps Toward Setting Capital Requirements for Some Insurers - New Wave of COI Rate Increase Lawsuits Hits the Industry - STOLI Policies Cancelled, Insurers Retain Premium -...more

Carlton Fields

Prevailing in an Era of Regulatory Enforcement – Balancing Risk and Compliance [Expect Focus – Vol. II, July 2016]

Carlton Fields on

IN THE SPOTLIGHT - - SEC Sanctions Unregistered EB-5 Investments Broker SECURITIES - - FINRA to Assess Member Firms’ Culture - SEC Seeks Fund Responses to Distribution-In-Guise Guidance ...more

Dorsey & Whitney LLP

Cybersecurity Compliance Just Got Tougher

Dorsey & Whitney LLP on

Companies need specific, well-executed plans to meet growing demands of federal and state agencies. While cybersecurity risks have increased, government regulation has traditionally lagged behind. Recently, some...more

BakerHostetler

Data Security in the Financial Industry: Five Key Developments to Keep An Eye on in 2016

BakerHostetler on

According to a 2015 report on threats to the financial services sector, 41% of financial services organizations polled had experienced a data breach or failed a compliance audit in the previous year, and 57% listed preventing...more

Carlton Fields

FINRA Targets Stockbroker’s Impermissible Transfer of Client Account Information

Carlton Fields on

FINRA recently settled an action against a registered representative of a broker-dealer for alleged violations regarding the safeguarding and use of private consumer data. The broker accepted and consented to the settlement...more

Katten Muchin Rosenman LLP

Cyber-Attacks: Threats, Regulatory Reaction and Practical Proactive Measures to Help Avoid Risks

I. Cybersecurity; Its Importance and Relevance – How We Got to Where We Are Today - In the past few months, the White House, Home Depot, JP Morgan, Hard Rock Hotels, Tesla, the St. Louis Federal Reserve, the Internal...more

Snell & Wilmer

FINRA Fines Financial Firm for Failing to Encrypt Customer Data on Lost Laptop

Snell & Wilmer on

Like other federal agencies exercising regulatory power in the data privacy and security arena, the Financial Industry Regulatory Authority (“FINRA”) is cracking down on firms that fail to meet required data security...more

BakerHostetler

Lost, Unencrypted Laptop Leads FINRA to Fine a Broker-Dealer $225,000 for Violating Reg S-P

BakerHostetler on

With the recent focus by the SEC and FINRA on cybersecurity for broker-dealers and investment advisers as a backdrop, FINRA recently brought and settled an enforcement action under SEC Regulation S-P against broker-dealer...more

Robinson & Cole LLP

FINRA settles data breach enforcement action

Robinson & Cole LLP on

The Financial Industry Regulatory Authority (FINRA) agreed to settle its enforcement action with Sterne Agee & Leach, Inc. (Sterne) this week for $225,000. The enforcement action followed the loss of an unencrypted laptop by...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - February 2015 (Updated)

In This Issue - White House Releases Proposed Privacy Legislation - Lessons from the Anthem Data Breach - SEC and FINRA Release Results of Industrywide Cybersecurity Examination Sweeps - COSO Releases Report on...more

Broker-Dealer Compliance + Regulation

FINRA Issues its Cybersecurity Report, Providing Tools and Encouragement to Broker-Dealers

FINRA recently issued a Report on Cybersecurity Practices (“Report”), growing out of its targeted examination of firms last year. To issue the Report, FINRA gave careful consideration to the needs of many broker-dealers for...more

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