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Alston & Bird

The Digital Download – Alston & Bird’s Privacy & Data Security Newsletter – August 2024

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Selected U.S. Privacy and Cyber Updates - New York AG Seeks Comments on Rulemaking for Minors’ Online Protection Laws - On August 1, 2024, New York Attorney General Letitia James issued two advanced notices of proposed...more

Alston & Bird

Top 10 Issues General Counsel Need to Know About Ransomware in 2024

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Threat actors are evolving. Our Privacy, Cyber & Data Strategy Team explains how ransomware gangs have changed their tactics and how companies can respond to the threat while navigating new scrutiny from investors and...more

Hinckley Allen

The 2023 Cyber Year in Review

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The Most Significant Developments in Cybersecurity and Cyber-Related Liability Risks - As we reflect upon 2023, it will unfortunately be remembered as a record-breaking year for ransomware and cybercrime....more

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

Wyrick Robbins Yates & Ponton LLP

Empire State of Security: New York DFS Finalizes Significant Amendment to Financial Services Cybersecurity Regulation

The New York State Department of Financial Services (“NYDFS”), which regulates financial services institutions including banks, insurance companies, and mortgage brokers, finalized an amendment to its Cybersecurity Regulation...more

Orrick, Herrington & Sutcliffe LLP

Takeaways From Top 5 Cyber Law Developments in 2022

In 2022, the stakes for data breaches grew in more ways than one. IBM reported the average cost of a data breach is up to $4.35 million. More importantly, though, regulators have zeroed in on higher-level executives and...more

Akin Gump Strauss Hauer & Feld LLP

State and Federal Crackdown on Data Breach: EyeMed, Carnival Cruise & CafePress Settlements

This year has seen some substantial new data breach settlements including a $500,000 Federal Trade Commission (FTC) fine against CafePress, a $1.25 million multi-state class action settlement and $5 million New York...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - August 2022

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CYBERSECURITY - New York DFS Fines Robinhood $30M for “Significant” Cybersecurity Violations - The New York Department of Financial Services (DFS) announced its first ever penalty against a cryptocurrency platform...more

Locke Lord LLP

New NY DFS Cyber Reg FAQs: Novel Approach to Notifications on Vendor Breaches; Cloud and Other Services Are Part of “Internal...

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The New York Department of Financial Services (the “NY DFS”) has published three new FAQs that interpret certain requirements under its Cybersecurity Regulation (23 NYCRR 500, the “NY DFS Cyber Reg”) related to breaches by...more

Faegre Drinker Biddle & Reath LLP

Fall Cybersecurity Enforcement Update: State and Federal Regulators Increase Scrutiny on Victims of Cyberattacks

We have written here previously about the dramatic increase in cyberattacks on companies of all types since the start of the COVID-19 pandemic. Indeed, by some estimates, ransomware attacks have increased over 90% during the...more

Jones Day

New York Department of Financial Services Announces New Guidance on Ransomware Prevention

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On June 30, 2021, the New York Department of Financial Services ("NYDFS") identified key cybersecurity measures to prevent and prepare for ransomware attacks. ...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - April 2021 #5

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CYBERSECURITY - Eversource Energy Notifies Customers of Data Breach - Eversource Energy, which is the largest energy supplier in New England with 4.3 million customers in Connecticut, Massachusetts, and New...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - April 2021 #4

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CYBERSECURITY - NSA Issues New Warning About Four Critical Patches to Microsoft Exchange Servers - The National Security Agency (NSA) recently issued a warning to private industry about four zero-day vulnerabilities in...more

Alston & Bird

NYDFS Announces Cybersecurity Settlement, Addresses Multi-Factor Authentication Rules

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On April 14, 2021, the New York Department of Financial Services (“NYDFS”) announced a settlement with National Securities Corporation (“National Securities”), a licensed insurer, in connection with claims under the NYDFS...more

Robinson+Cole Data Privacy + Security Insider

NYDFS Settles with National Securities Corp. for $3M for Violations of DFS Cybersecurity Regulations

The New York Department of Financial Services (NYDFS) has settled alleged violations of the Department’s strict cybersecurity regulations with National Securities Corp. (NSC) for $3 million, over four separate cybersecurity...more

Blank Rome LLP

NY Department of Financial Services Enforces First-in-the-Nation Cybersecurity Rules and Fines Mortgage Lender $1.5 Million for...

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In March 2017, New York State’s Department of Financial Services (“DFS”) implemented the nation’s first cybersecurity rules requiring all regulated entities, such as banks, insurers, financial businesses, and regulated...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

New York DFS Fines Mortgage Lender $1.5M for Failure to Report Cyber Breach

The New York State Department of Financial Services (DFS) announced its second enforcement action and first settlement under its cybersecurity regulations (23 NYCRR Part 500). At issue was a licensed mortgage lender's failure...more

Baker Donelson

NYDFS Surges Ahead with Cybersecurity Enforcement: Recent Fine Highlights Need for Financial Institutions to Focus on Incident...

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The New York Department of Financial Services (NYDFS) has become a frequent topic of these alerts. In recent weeks we have covered multiple actions from the regulator, including its first enforcement action, its SolarWinds...more

Ballard Spahr LLP

NYDFS Penalizes Mortgage Company For Cyber Breach

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On March 3rd, the New York Department of Financial Services (“NYDFS”) announced a settlement with Residential Mortgage Services, Inc. (“RMS”) to resolve allegations that RMS violated the NYDFS Cybersecurity Regulation...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

New York State Department of Financial Services Warns of New Fraudulent Campaign Targeting Consumer NPI

On February 16, the New York State Department of Financial Services (DFS) issued a cyber fraud alert, warning of a growing cybercriminal campaign to steal consumer, Nonpublic Information (NPI). The hacked data is being taken...more

Alston & Bird

NYDFS Issues Best Practices for Cyber Insurance Risk Management

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Against the backdrop of the disruptions associated with the Covid-19 pandemic and SolarWinds cyber-espionage campaign, NYDFS has released guidance for insurers that underwrite cyber insurance policies and which contains a...more

Hogan Lovells

New York regulator issues cyber insurance risk framework with implications for insurers and insureds

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On February 4, the New York Department of Financial Services (NYDFS) released Insurance Circular Letter No. 2 (2021), a Cyber Insurance Risk Framework (Framework) for insurers that write cyber insurance....more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - February 2021 #2

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Cyber-attacks and Cybersecurity Failure Are Top Risks of the Next Decade Says World Economic Forum - Although somewhat obvious, the World Economic Forum, in partnership with Marsh McLennan, SK Group and Zurich Insurance...more

Robinson+Cole Data Privacy + Security Insider

NYDFS Issues Cyber Insurance Risk Framework for Regulated Entities

In what the New York Department of Financial Services (NYDFS) is touting as the first guidance by a U.S. regulator on cyber insurance, NYDFS announced on February 4, 2021, in Insurance Circular Letter No. 2 (2021), that it...more

Bond Schoeneck & King PLLC

Added Reason to Be Aware of the New York State Department of Financial Services Cybersecurity Regulations

The New York State Department of Financial Services (DFS) implemented cybersecurity regulations (the DFS Regulations) in 2017 which provided for a transitional two-year period before all the provisions were effective. The DFS...more

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