News & Analysis as of

Data Protection Risk Management Banking Sector

Barnea Jaffa Lande & Co.

Internal Enforcement and Compliance Surveys: Essential for Organizations in Israel

In an era of stringent regulations and increasing legal risks, it has become essential for organizations to implement internal enforcement programs. However, in order for such programs to provide legal protection, they must...more

A&O Shearman

D&I in FS: how to get a head-start on the FCA and PRA proposals

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This is the last post in our series on the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposals to introduce a new regulatory framework on diversity and inclusion (D&I) in the financial...more

A&O Shearman

NYDFS Finalizes Significant Amendment to Part 500 Cybersecurity Regulation

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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

Jenner & Block

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

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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

Baker Donelson

Banking in the Cloud: How Financial Institutions Can Mitigate the Regulatory and Security Risks

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As organizations in the financial sector continue to migrate IT and business services to the cloud and adopt other cloud offerings, it is important that financial institutions understand the risks associated with each. A U.S....more

UB Greensfelder LLP

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

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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

Skadden, Arps, Slate, Meagher & Flom LLP

Open Banking: Navigating the Emerging Regulatory Landscape

Open banking is an important driver of the fintech revolution. Regulators have recognised open banking as a means of introducing competition and innovation in the banking sector. Likewise, fintechs are seizing the...more

Poyner Spruill LLP

New York Fires First Salvo Under Cybersecurity Law

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The New York Department of Financial Services (NYDFS) has launched its first enforcement action under New York’s Cybersecurity law for financial services, so-called Part 500. Part 500 requires NYDFS licensed institutions to...more

King & Spalding

Energy Newsletter - April 2020

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Developing Contingency Plans: The NYDFS Mandate on Licensed Virtual Currency Businesses - The events surrounding COVID-19 have increased the use of fintech products, both out of necessity and convenience. Shelter-in-place...more

Mintz - Privacy & Cybersecurity Viewpoints

New York Dept of Financial Services (NYDFS) Extends Cybersecurity Compliance Deadline

The NYDFS has announced that it has extended the deadline for compliance with certain cybersecurity requirements due to the coronavirus emergency. The announcement from the Superintendent of Financial Services of the State...more

Jones Day

New York Department of Financial Services Announces Creation of Cybersecurity Division

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New York is the first state to establish a department within a financial regulatory agency that is tasked with protecting consumers and financial markets against cyber threats. On May 22, 2019, the New York Department of...more

WilmerHale

Final Notice in Tesco Personal Finance Plc - Cyber Attacks and the Need for Dress Rehearsals

WilmerHale on

In a Final Notice dated 1 October 2018, the FCA sanctioned Tesco Personal Finance Plc for failings connected with a cyber attack it suffered in November 2016. The attack originated from Brazil and attackers managed to...more

Moore & Van Allen PLLC

SEC Issues Disclosure Guidance as Part of Continued Focus on Cybersecurity

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As cybersecurity attacks have continued to gain prominence as a threat posing critical risk management and compliance challenges for financial institutions, the Securities and Exchange Commission (SEC) has emerged as an...more

Ballard Spahr LLP

Proposed House Bill Would Set National Data Security Standards for Financial Services Industry

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A new bill introduced by House Financial Services subcommittee Chairman Rep. Blaine Luetkemeyer would significantly change data security and breach notification standards for the financial services and insurance industries. ...more

Ballard Spahr LLP

Proposed House Bill Would Set National Data Security Standards for Financial Services Industry

Ballard Spahr LLP on

A new bill introduced by House Financial Services subcommittee Chairman Rep. Blaine Luetkemeyer would significantly change data security and breach notification standards for the financial services and insurance industries. ...more

Robinson+Cole Data Privacy + Security Insider

New York Department of Financial Services Cybersecurity Regulation 18-month Compliance Deadline Arrives

On September 4, 2018, the third stage of compliance deadlines under the New York Department of Financial Services’ (DFS) expansive cybersecurity regulation went into effect....more

Hogan Lovells

New Obligations Under the NYDFS Cybersecurity Regulation Come Online September 4

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The New York State Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) came into effect March 1, 2017...more

Bradley Arant Boult Cummings LLP

Potential Bank Customer Data Exposed through Fiserv Platform Flaw

Security researchers and cybersecurity experts recently discovered a weakness in Fiserv’s web platform, which may have exposed the personal and financial details of customers across hundreds of internet banking sites. The...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - August 2018 #4

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A new ransomware, dubbed “Ryuk,” has surfaced in the last few weeks and is said to be targeting large organizations in the United States. The attackers behind Ryuk have reportedly made more than $640,000 in just two weeks,...more

Bracewell LLP

New York Cyber Enforcement Steps Into the Breach

Bracewell LLP on

Last month, the New York State Department of Financial Services (NYDFS) proclaimed, “In an era of weakened federal government oversight, strong state regulation is essential in order to safeguard our markets, ensure strong...more

Bradley Arant Boult Cummings LLP

The Economic Loss Doctrine as a Barrier to Data Breach Recovery

We recently commented on one hotly contested legal issue being addressed by the courts in data breach class action litigation, that of plaintiffs’ standing. Another issue that has been the subject of recent court activity in...more

Patterson Belknap Webb & Tyler LLP

M&A and Cyber Diligence: New York’s DFS Issues a Reminder

Over the last year, U.S. companies have been hit with a wave of new data security regulations and agency guidance, ranging from the SEC’s Guidance on Public Company Cybersecurity Disclosures to the European Union’s General...more

Patterson Belknap Webb & Tyler LLP

DFS Issues Compliance Certificate “Reminder”

Last week, the New York Department of Financial Services (DFS) sent notices to companies that had not yet certified their compliance with the DFS Cybersecurity Regulation....more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - March 2018 #2

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Cybersecurity Task Force Launched in Arizona - Arizona Governor Doug Ducey launched the Arizona Cybersecurity Team (ACT) by Executive Order on March 1, 2018. The ACT is comprised of 22 members representing officials from...more

Robinson+Cole Data Privacy + Security Insider

New York Department of Financial Services Updates Cybersecurity Guidance: Coverage of Cybersecurity Requirements Addressed in 4...

On March 1, 2018, the New York Department of Financial Services (NYDFS) “cybersecurity regulations” (23 NYCRR Part 500) took effect, placing a number of cybersecurity requirements on banks, insurance companies, and other...more

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