News & Analysis as of

State Data Breach Notification Statutes Financial Institutions

Manatt, Phelps & Phillips, LLP

Balancing New Federal & State Cyber Reporting Rules on Health Care & Financial Services Industries

Balancing cybersecurity incident disclosures has been a challenge for those in the trenches for years. That has not changed, and recent regulatory activity should not alter the challenges breach counsel confront. In short,...more

Venable LLP

Data Breach Notice Requirement Added to Safeguards Rule for Non-bank Financial Institutions

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Non-bank financial institutions will have a new data breach disclosure requirement effective May 13, 2024. The Federal Trade Commission (FTC) recently updated the Gramm-Leach-Bliley Safeguards Rule (“Safeguards Rule”), adding...more

Hudson Cook, LLP

A Failure to Plan Is a Plan to Fail: Developing a Written Incident Response Plan

Hudson Cook, LLP on

On October 27, 2021, the Federal Trade Commission finalized its long-awaited updates to the Safeguards Rule. The changes require financial institutions, including auto dealers and finance companies, to dust off their existing...more

Jones Day

New York Department of Financial Services Imposes Penalty and Consent Order for Cybersecurity Violations

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The New York Department of Financial Services ("NYDFS") fined a mortgage bank $1.5 million for violations of New York's Cybersecurity Regulation, including failure to report a past cyber incident. On March 3, 2021, the...more

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #245 – Another Breach Notification Letter

This week, I received a breach notification letter from a large financial institution stating that my personal information, including my name, Social Security number, account name and number, contact information, date of...more

Alston & Bird

The Digital Download – Alston & Bird’s Privacy & Data Security Newsletter – October 2018

Alston & Bird on

Features - International Updates (Excluding the EU) - India’s Draft Data Protection Bill: Another GDPR Around the Corner? India recently introduced the Personal Data Protection Bill 2018. ...more

Stinson LLP

Financial Institutions' Consumer Data Exposed in Web Platform Vulnerability

Stinson LLP on

Banks and other financial institutions rely on a relatively small number of core service providers to process customer personal and financial information. The National Association of Federally-Insured Credit Unions (NAFCU)...more

Jones Day

Global Privacy & Cybersecurity Update Issue 18 | June 2018

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JONES DAY CYBERSECURITY, PRIVACY & DATA PROTECTION ATTORNEY SPOTLIGHT: Richard Martinez - Europe's new General Data Protection Regulation ("GDPR") is driving an evolution in corporate privacy practices globally. As...more

White and Williams LLP

South Carolina’s New Insurance Data Security Act: Pebbles Before a Landslide?

White and Williams LLP on

The ramp-up of cybersecurity regulation, albeit in a patchwork fashion through state-level legislation, has begun. On May 18, 2018, South Carolina enacted the Insurance Data Security Act (Act), becoming the first state to...more

Goodwin

Massachusetts Case Against Equifax Survives Motion to Dismiss

Goodwin on

On April 2, 2018, the Superior Court of Suffolk County, Massachusetts denied Equifax, Inc.’s motion to dismiss the Commonwealth’s case against it related to the company’s widely publicized 2017 data breach. Although the...more

Cadwalader, Wickersham & Taft LLP

Compliance with Initial New York DFS Cybersecurity Rules Now Mandatory

As of August 28, 2017, insurance companies, banks, and other financial services companies regulated by the New York Department of Financial Services (“DFS”) must comply with an initial wave of new cybersecurity requirements...more

Ballard Spahr LLP

New Mexico becomes 48th state to enact data breach notification law

Ballard Spahr LLP on

New Mexico recently became the 48th state to enact a data breach notification law. This continues the accelerated pace of state data breach legislative activity in the last two years. Since 2015, at least 41 states have...more

Snell & Wilmer

Cybersecurity Requirements Proposed for New York Financial Companies

Snell & Wilmer on

The New York Department of Financial Services has proposed new cybersecurity regulations “designed to promote the protection of customer information as well as the information technology systems of regulated entities...more

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