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Risk Management Third-Party Service Provider Risk Assessment

Morrison & Foerster LLP

CFTC Staff Issues Advisory on the Use of Artificial Intelligence

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On December 5, 2024, the U.S. Commodity Futures Trading Commission’s (“CFTC”) Divisions of Clearing and Risk, Data, Market Oversight, and Market Participants (together, the “Divisions”) issued a staff advisory (the...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

New York State Department of Financial Services Releases Guidance on Combating Cybersecurity Risks Associated With AI

On October 16, 2024, the New York State Department of Financial Services (NYDFS) released guidance highlighting the cybersecurity risks associated with artificial intelligence (AI) and how covered entities regulated by NYDFS...more

Husch Blackwell LLP

NYDFS Issues Guidance to Mitigate AI Cybersecurity Risks

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Keypoint: The New York Department of Financial Services (NYDFS) circulated an industry letter offering guidance to NYDFS “Covered Entities” for assessing and managing AI-related cybersecurity risks, including threats...more

Goodwin

NYDFS Publishes Guidance on AI-Related Cybersecurity Risks

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On October 16, 2024, the New York State Department of Financial Services (NYDFS or the “Department”) published an industry letter (the “Guidance”) regarding the increased reliance on artificial intelligence (AI) and the...more

Mayer Brown

New York State Department of Financial Services Issues Industry Letter on Cybersecurity Risks Arising from Artificial Intelligence

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BACKGROUND - On October 16, 2024, the New York State Department of Financial Services (DFS) issued an industry letter, Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks,...more

Cozen O'Connor

NYDFS Issues Guidance on Cybersecurity Risks Arising from Artificial Intelligence

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On October 16, 2024, the New York Department of Financial Services (NYDFS) issued an Industry Letter that discusses the cybersecurity risks associated with the use of artificial intelligence (AI) and outlines strategies to...more

WilmerHale

Obligations for Deployers, Providers, Importers and Distributors of High-Risk AI Systems in the European Union’s Artificial...

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In this blog post, we will focus on obligations that the European Union’s Artificial Intelligence Act (AI Act) sets for deployers, providers, importers and distributors regarding high-risk AI systems....more

Epiq

Deepfakes Bring Deep Risk

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Most people know what a deepfake is but have not put much thought into how it could affect business operations. Deepfakes are videos, pictures, or audio that have been convincingly manipulated to misrepresent a person saying...more

McDermott Will & Emery

[Webinar] PCI DSS 4.0: Third-Party Service Providers and Risk Management - June 7th, 12:00 pm - 1:00 pm EDT

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Join members of McDermott’s Global Privacy & Cybersecurity team and Alan Gutierrez-Arana of Mazars for the next installment in our PCI DSS 4.0 series. PCI DSS 4.0 brings major changes to payments with an increased focus on...more

Foley & Lardner LLP

SEC Proposes New Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure

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On March 9, 2022, the U.S. Securities Exchange Commission (the Commission) announced proposed amendments to its rules regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies...more

Mitratech Holdings, Inc

What is a Vendor Risk Assessment?

We recently dove into what vendor risk and vendor risk management entails. Once you understand that this is the risk that results from vendors, it’s simple to extend this and establish that vendor risk assessment (VRA), or...more

Mitratech Holdings, Inc

What is Vendor Risk & Vendor Risk Management (VRM)?

Vendor risk management (VRM), or third-party risk management, is the management, monitoring, and evaluation of risks that result from third-party vendors and suppliers of products and services. It’s a crucial initiative...more

Epiq

Utilizing Managed Services to Establish Global eDiscovery Processes

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As businesses continue to globalize, so does the demand for global data in litigations, regulatory matters, and internal investigations.  When thinking about eDiscovery from a global perspective, one size does not necessarily...more

Husch Blackwell LLP

New York’s DFS Publishes A Cyber Insurance Risk Framework

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Keypoint: New York’s Division of Financial Services (DFS) now requires Property and Casualty Insurers writing cyber insurance to comply with the Division’s Cyber Insurance Risk Framework to manage their risk. In her...more

Hinshaw & Culbertson - Employment Law...

OSHA Guidance on Preparing to Return to Work Includes Recommendations for White Collar Businesses

The Occupational Health and Safety Act (the OHS) was signed into law in 1970 and established the Occupational Health and Safety Administration (OSHA), as part of the U.S. Department of Labor. Under the so-called "general...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

Ballard Spahr LLP

NYDFS Requires Filing of Preparedness Plans and Financial Risk Assessments Related to COVID-19

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In an Industry Letter, the New York State Department of Financial Services (NYDFS) is requesting assurance that New York State regulated institutions have preparedness plans in place to address operational risk, and it is...more

Foodman CPAs & Advisors

Who are you partnering with for your Financial Institution’s BSA/AML Independent Testing?

Financial Institutions ought to design and evaluate compliance programs to meet BSA/AML requirements and to satisfy Bank Examiner expectations. A Financial Institution’s Compliance Programs must comply with the requirements...more

Latham & Watkins LLP

Trends in Outsourcing Regulation and Supervision in Financial Services

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Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services - The financial services industry is leading the way in outsourcing, with contract values in excess of US$10.7...more

The Volkov Law Group

Managing Third-Party Vendor Cybersecurity Risks (Part II of III)

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We all know that businesses rely on a large number of third-party vendors to support their business operations.  Many of these third parties require access to a company’s data and its internal information and technology...more

Ballard Spahr LLP

South Carolina Enacts First Insurance Data Security Act

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South Carolina has become the first state to enact a version of the Insurance Data Security Model Law, which was drafted by the National Association of Insurance Commissioners (NAIC) in 2017. Governor Henry McMaster signed...more

Robinson+Cole Data Privacy + Security Insider

New York Financial Services Cybersecurity Regulations Go Into Effect on March 1st

We have previously reported about the upcoming New York Financial Services Cybersecurity Regulations. On February 16, 2017, Governor Andrew M. Cuomo announced that “the first-in the-nation cybersecurity regulation to protect...more

Hogan Lovells

The “Final Final” is Here: NYDFS Cybersecurity Regulations

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As Hogan Lovells previously reported, the New York State Department of Financial Services (NYDFS) has launched a significant initiative to impose detailed cybersecurity requirements on covered financial institutions. On...more

Carlton Fields

NY DFS Cybersecurity Regulations Take Effect March 1, 2017

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We previously reported on the New York Department of Financial Services’ proposed cybersecurity regulations. During the public comment period, the DFS received over 150 comments. In response, the DFS announced on December 28,...more

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