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Data Breach Hackers Financial Services Industry

Faegre Drinker Biddle & Reath LLP

Lessons from PayPal’s $2 Million Cybersecurity Settlement with the New York State Department of Financial Services

On January 23, 2025, PayPal settled an enforcement action brought by the New York State Department of Financial Services (NY DFS) for failing to comply with cybersecurity regulations required for financial services businesses...more

Troutman Pepper Locke

The Supreme Court of Virginia Provides Needed Cybercrime Guidance

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On November 21, the Supreme Court of Virginia entered a published order reversing a 14-3 en banc decision of the Court of Appeals of Virginia addressing the applicability of Virginia’s criminal laws regulating cybercrime. The...more

NAVEX

DORA: Exploring Finance Compliance Requirements

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Numbers never lie. The second most targeted industry in terms of hacking and breaches is Finance, which was the victim somewhere in the realm of 2,306 to 2,792 cyberattacks in 2023 (depending on the source). With each data...more

Katten Muchin Rosenman LLP

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

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

Foley Hoag LLP - Security, Privacy and the...

As If Bank Failures Aren’t Enough – Hackers Are Exploiting the Chaos to Breach Security

The Massachusetts State Police Commonwealth Fusion Center (CFC) believes that cyber actors may use the current bank failures for future phishing and business email compromise (BEC) attacks. Cyber actors often use current...more

Torres Trade Law, PLLC

FinCEN Crypto & Ransomware Guidance: Will 2022 Bring More Changes?

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The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury (“Treasury”) has made clear that businesses engaging in certain activities involving virtual currencies are subject to registration,...more

Bilzin Sumberg

Recent Settlements and Penalties Show Perils of Data Breaches

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Two major U.S. financial institutions, Morgan Stanley and Capital One, recently agreed to resolve separate class action lawsuits by paying, in the aggregate, hundreds of millions of dollars in compensation for massive data...more

Burr & Forman

Cybersecurity & Data Privacy E-Note - December 2021

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Please see full Infographic for more information....more

Polsinelli

Federal Banking Regulators Issue Rule Requiring 36 Hour Notice of Ransomware and Other Disruptive Cybersecurity Incidents

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On November 18, 2021, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency issued a joint final rule to require banking...more

Bennett Jones LLP

OSFI Cybersecurity Guidance and Notification Requirements

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OSFI, the Canadian Federal Office of the Superintendent of Financial Institutions, on August 13, 2021, issued new guidance on Technology and Cyber Security Incident Reporting, replacing prior guidance of March 2019....more

Fisher Phillips

Financial Services Employers Face Significant Increase In Cybersecurity Threats

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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

Polsinelli

Securing the Weakest Link U.S. Government’s Cryptocurrency Tracing Capacity on Full Display in Civil Forfeiture Action

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The U.S. Department of Justice (“DOJ”) filed a civil forfeiture complaint detailing two hacks of virtual currency exchanges by North Korean actors.  These actors stole millions of dollars’ worth of cryptocurrency or other...more

Polsinelli

You Can Run But You Can’t Hide: U.S. Government’s Cryptocurrency Tracing Capacity on Full Display in Civil Forfeiture Action

Polsinelli on

The U.S. Department of Justice (“DOJ”) filed a civil forfeiture complaint detailing two hacks of virtual currency exchanges by North Korean actors. These actors stole millions of dollars’ worth of cryptocurrency and...more

Patterson Belknap Webb & Tyler LLP

Capital One to Pay $80 Million Fine for 2019 Data Security Hack

As we previously reported, Capital One Financial Corporation announced in July 2019 a major data security breach when an individual gained unauthorized access to personal information about Capital One credit card customers. ...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - August 2020

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CYBERSECURITY - Maze Continues to Strike Companies - It is being reported by ZDNet that the Maze ransomware group has attacked two companies that, apparently, refused to pay the requested ransom, so Maze, as it...more

Robins Kaplan LLP

Financial Daily Dose 8.7.2020 | Top Story: White House Issues EOs Banning Transactions with TikTok and WeChat Parent Companies in...

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Dramatically escalating the growing tension with China (despite considerable ambiguity in its language), the White House issued executive orders that would “ban all ‘transactions’” with ByteDance, the Chinese owner of TikTok,...more

Robinson+Cole Data Privacy + Security Insider

Capital One Settles with Bank Regulator for $80M for Data Breach

The U.S. Office of the Comptroller of the Currency (OCC) announced this week that it has entered into a Consent Order and fined Capital One $80 million for the data breach the company experienced last year....more

Hogan Lovells

(Discussion Recap) A Perfect Storm? Panel Discussion on Handling a Cybersecurity Incident

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Using a hypothetical case study, revealed in a series of short animations, Hogan Lovells partners Philip Parish, Arwen Handley, Nicola Fulford and Peter Marta considered topics such as good cyber incident preparedness, board...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - January 2020 #2

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Department of Homeland Security Warns of Cyber-Attacks by Iran - The Department of Homeland Security (DHS) issued a grave warning to U.S. businesses and critical infrastructure operators on January 6, 2020, alerting the...more

Robinson+Cole Data Privacy + Security Insider

New York DFS Issues Risk Alert Concerning Possible Iran Cyber-Attacks

In view of Iran’s vows to retaliate against the United States for the death of Quassem Soleimani, the NYDFS has issued an industry letter  to all regulated entities regarding the need for heightened cybersecurity precautions....more

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #220 – Identity Theft Still in Top Three Frauds Reported to FTC

Three million fraud cases were reported to the FTC in 2018, and 444,602 of them involved identity theft. These reported cases (just think of how high the statistic would be if all cases were reported) amounts to the third...more

Robins Kaplan LLP

Financial Daily Dose 11.14.2019 | Top Story: Fed Chair Talks Economy and Rates During Congressional Testimony

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Fed Chair Powell was far from the main attraction on the Hill yesterday, but hey, let’s keep it on topic here and note his belief that the U.S. economy is performing well even as certain risks—including “sluggish growth...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - September 2019

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The Wolcott school system in Wolcott, Connecticut has been recovering for four months from a ransomware attack that hit its system at the end of the school year. Last week, it was hit with a second attack. According to...more

Brooks Pierce

Lessons Learned: Key takeaways for every business from the Capital One data breach

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When news of a major data breach, like the recent one at Capital One, makes headlines, the first response of many business owners may be to breathe a big sigh of relief that it wasn’t them. However, it’s critical that...more

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #201 – Capital One Suffers Massive Data Breach

Many readers have reached out to learn about the Capital One data breach and how it affects us. If you haven’t been watching the story unfold as closely as I have, here is a summary of what happened, what information was...more

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