Popular, Data Security, Banks

Is the Roof on Fire? Data Privacy Risk in the Financial Services Industry

Woodruff Sawyer on 2/21/2024

Compliance is difficult, and litigation and enforcement risks are high for financial services companies. Navigating a Proustian rulebook, it’s impossible to get everything right all the time. Legal and compliance work in...more

Financial Institutions Face Increasingly Stringent Federal Breach Reporting Requirements

Ballard Spahr LLP on 4/27/2022

The last few months have seen a flurry of new federal cybersecurity incident reporting requirements and proposals impacting private entities in the financial sector. As the number and frequency of cyber attacks continue to...more

What Banks Need to Know About New Data Breach Notification Requirements

Blank Rome LLP on 2/7/2022

Given the omnipresent concern about cyber attacks targeting the banking industry, the FDIC, OCC and Federal Reserve recently published a new joint final rule establishing enhanced security incident notification requirements...more

Federal Bank Regulators Approve New Cybersecurity Incident Notification Rule

Sheppard Mullin Richter & Hampton LLP on 12/9/2021

Last month, the FDIC, Federal Reserve Board, and the OCC announced a final rule to improve information sharing about cyber incidents that may affect the U.S. banking system. Among other things, the final rule requires...more

Fintech 2020: A Global Survey on the State of Financial Technology

Goodwin on 9/16/2020

Letter from Our Co-Chairs - As the digital transformation of financial markets accelerates at breakneck speeds, fintech presents significant opportunities and challenges for both investors and innovators around the world. ...more

Blockchain Developments: NY AG Issues Report, Major Japanese Exchange Hacked, Global Attitudes Diverge and Use Cases for Social...

BakerHostetler on 9/21/2018

New York Attorney General Issues Virtual Markets Integrity Initiative Report - On Sept. 18, 2018, the New York Attorney General’s Office released its Virtual Markets Integrity Initiative Report. The report addressed 10 major...more

Study Shows Banks Block 80% of Cyberattacks … But is that Enough?

Patterson Belknap Webb & Tyler LLP on 9/20/2018

In Accenture’s 2018 State of Cyber Resilience for Banking & Capital Markets study, the consulting firm reported the rate at which cyber-attacks on banking and capital markets firms are successful dropped from 36 percent in...more

FBI Warns of Continuing Threat from “ATM Cashout” Scheme

Fisher Phillips on 8/23/2018

The FBI is warning banks to be on guard against possible attacks on ATMs. In an alert sent to banks on August 10th, the FBI warned banks that it had “obtained unspecified reporting indicating cyber criminals are planning...more

Food and Beverage Law Update: June 2018

Holland & Knight LLP on 6/12/2018

Wage and Hour - Decision Upholds Class Action Waivers in Arbitration Clauses, Resolves Circuit Split - The U.S. Supreme Court issued a long-awaited decision in Epic Systems Corp. v. Lewis on May 21, 2018, holding that...more

Global Privacy & Cybersecurity Update Vol. 13

Jones Day on 3/15/2017

On December 28, 2016, the New York Department of Financial Services ("DFS") released a revised version of a proposed regulation that would require banks, insurance companies, and other financial services institutions...more

Sony Cyber-Attackers Lurking at Financial Supervisor “Watering Hole” Target Banks and Others

Robinson+Cole Data Privacy + Security Insider on 2/22/2017

Cybersecurity specialists at BAE Systems and Symantec announced last week new evidence suggesting that the criminals behind the notorious 2014 attack on Sony Corp. are also responsible for recent cyber-attacks involving 104...more

2017 Resolutions for Community Banks: A Focus on Cybersecurity

Hogan Lovells on 1/13/2017

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

FFIEC Provides Concrete Guidance on Setting Up Information Security Programs

Ballard Spahr LLP on 9/14/2016

The Federal Financial Institutions Examination Council (FFIEC)—the interagency body tasked with setting uniform principals and standards for the examination of financial institutions by federal prudential regulators,...more

FDIC Issues Customer Cybersecurity Guidance

King & Spalding on 3/16/2016

On March 8, 2016, the Federal Deposit Insurance Corporation (“FDIC”) released a special edition of its FDIC Consumer News publication series covering cybersecurity issues impacting banking customers (“Cybersecurity Release”)....more

Recent Government Cyber Alert and Draft Guide for Financial Institutions: Lessons for All Organizations

Baker Donelson on 11/5/2015

All organizations, including financial institutions, continue to face significant security threats across their wide ranging IT systems. Such organizations are particularly vulnerable if they cannot track networked devices...more

Alphabet Soup and Data Security

Bilzin Sumberg on 10/19/2015

In the span of two days, mobile device users learned of two data breaches that could compromise their personal data. In one, Experian (a credit reporting agency) reported that it was hacked, potentially putting 15 million...more

“My, what beautiful eyes you have . . .” – Biometric Data and Privacy

Akerman LLP - Health Law Rx on 10/13/2015

Biometric data – obviously not in just the movies anymore. It is alive, well, and increasingly being used in our everyday society. But, on September 23, 2015, when the Office of Personnel Management revealed that fingerprint...more

FFIEC Weighs in on Cybersecurity in Light of Unprecedented Risk of Cyber Threats

Carlton Fields on 10/7/2015

As financial institutions of all sizes continue to face unprecedented cybersecurity risk, the Federal Financial Institutions Examination Council (FFIEC) released its Cybersecurity Assessment Tool. The Assessment is...more

TN Ethics Opinion Approves Lawyers’ Cloud Storage of Client Data

Burr & Forman on 9/25/2015

Tennessee has joined other states in formally approving lawyers’ cloud-storage of client-confidential data. The Board of Professional Responsibility (“BOPR”) held that lawyers ethically may use cloud storage for...more

Under the Thumb: Regulatory Compliance When Outsourcing Cybersecurity Management

Pillsbury - Global Sourcing Practice on 8/27/2015

Managed security services are often a natural “add-on” when outsourcing IT services given that data protection is integral to application development, software as a service, and cloud storage, among other services. More...more

Protecting financial institutions in cyberspace—U.S. financial regulators come up with a new tool kit to stem cyberthreats

Robinson+Cole Data Privacy + Security Insider on 8/24/2015

The Federal Financial Institutions Examination Council (FFIEC) has recently developed a new tool to help U.S. financial institutions combat the increasing volume and sophistication of cyber attacks. To blunt threats to a...more

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