News & Analysis as of

Personally Identifiable Information Banking Sector

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

Buchalter

The CFPB Expands Its UDAAP Authority Further Into Data Security Issues

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Continuing a trend it has been pursuing, the CFPB on Thursday used a non-rulemaking circular (Consumer Financial Protection Circular 2022-04) to state that its UDAAP authority extends its enforcement authority to situations...more

Holland & Knight LLP

The Impact of Cybersecurity Regulations on the Financial Services Industry in 2022

Holland & Knight LLP on

Following the SolarWinds and the Colonial Pipeline cyberattacks, the Biden Administration emphasized a shift toward mandatory cybersecurity requirements. Throughout 2021, government agencies issued new cybersecurity guidance,...more

Wiley Rein LLP

FTC Releases Detailed Information Security Requirements and Proposes Breach Notification for Financial Institutions

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On October 27, 2021, the Federal Trade Commission (FTC) announced revisions to its Safeguards Rule (Revised Safeguards Rule), which requires certain financial institutions to implement information security programs to protect...more

Goodwin

NYDFS Consent Order Signals Regulator’s Growing Focus On Financial Institutions’ Incident Response And Security Practices

Goodwin on

In early March, the New York State Department of Financial Services (“NYDFS”) announced a consent order that required Maine-based mortgage servicer Residential Mortgage Services, Inc. (“Residential”) to pay a $1.5 million...more

Baker Donelson

Sitting with the C-Suite: Looking Ahead to Potential Compliance Issues Due to COVID-19

Baker Donelson on

Ian Campbell, the President and CEO of iCONECT, has a design background and, prior to founding iCONECT, he worked in advertising and founded his own agency. In 2012 iCONECT launched its flagship review product, Xera, which...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

Akin Gump Strauss Hauer & Feld LLP

First Enforcement Action by New York Department of Financial Services Under Cybersecurity Regulation

On July 21, 2020, the New York Department of Financial Services (DFS) filed a “Statement of Charges and Notice of Hearing” (the “Charges”) against First American Title Insurance Company (the “Company”) alleging violations of...more

Ballard Spahr LLP

Cyber-Enabled Financial Crime and Money Laundering

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Today we are very pleased to welcome guest blogger Moyara Ruehsen, PhD, CAMS, CFCS, who is an Associate Professor and Director of the Financial Crime Management Program at the Middlebury Institute of International Studies in...more

King & Spalding

Energy Newsletter - April 2020

King & Spalding on

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

Davis Wright Tremaine LLP

Exempt or Not Exempt? California Consumer Privacy Act and the Gramm-Leach-Bliley Act

For the last 18 years, most financial services businesses could sum up their privacy practices with just four letters: G-L-B-A, also known as Title V of the Gramm-Leach-Bliley Act, Public Law 106-102, and its implementing...more

BCLP

Last Chance for Financial Companies to Weigh in On New FTC Data Security Standards

BCLP on

For the first time in 17 years, the FTC is proposing significant increases to the information security standards which apply to those financial institutions that are regulated by the FTC and are not already subject to similar...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - March 2019

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Cybersecurity company Carbon Black recently issued are port of the results of a survey of chief information security officers (CISOs) of financial organizations, which showed that the financial industry is getting hammered by...more

Ballard Spahr LLP

FTC Seeks Comment on Proposed Amendments to Safeguards and Privacy Rules

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The FTC has proposed amendments to its 2003 Safeguards Rule and the 2000 Privacy Rule, applicable to financial institutions under the Gramm Leach Bliley Act (GLBA). ...more

Robinson+Cole Data Privacy + Security Insider

Financial Industry Getting Hammered with Cyber-Attacks

Cybersecurity company Carbon Black recently issued a report of the results of a survey of chief information security officers (CISOs) of financial organizations, which showed that the financial industry is getting hammered by...more

Patterson Belknap Webb & Tyler LLP

DFS Superintendent Vullo Reflects on NYS Cyber Regulation: Two Years Later

With full implementation of New York’s groundbreaking cybersecurity regulation only six weeks away, the state’s top banking regulator took the opportunity to praise the many financial institutions that have adopted systems to...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - Recap of the Top Read Blog Posts in 2018

Robinson & Cole LLP on

New Year’s is a time to look back on the happenings of the year and focus on the lessons and reminders those events have provided. For our final newsletter of the year, we’d like to share with you our top 10 most read posts...more

Ballard Spahr LLP

GLBA and the California Privacy Act: Analyzing SB 1121’s Change to the Financial Institution Carve-Out Provision

Ballard Spahr LLP on

Less than three months after California passed the California Consumer Privacy Act of 2018 (CCPA), Governor Jerry Brown signed SB 1121 this week, making a number of technical and substantive changes to the law....more

Ballard Spahr LLP

GLBA and the California Privacy Act: Analyzing SB 1121's Change to the Financial Institution Carve-Out Provision

Ballard Spahr LLP on

Less than three months after California passed the California Consumer Privacy Act of 2018 (CCPA), Governor Jerry Brown signed SB 1121 this week, making a number of technical and substantive changes to the law....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

Robinson+Cole Data Privacy + Security Insider

Vicious Kronos Variant Osiris Malware Recently Released and Proving Dangerous

We all remember Kronos—the malicious malware that was sold by Russian underground forums in 2014 for $7,000. If you bought it, you were promised updates and development of new modules. ...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 LLP

Data Privacy + Cybersecurity Insider - September 2018

Robinson & Cole LLP on

We reported last week that a spyware maker recently compromised users’ and victims’ sensitive information. Since that time, another spyware maker, mSpy, which holds itself out as having over a million users employing its...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

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