Privacy Law Blog

Category Archives: Cybersecurity

Subscribe to Cybersecurity RSS Feed

INDEPTH: Data Protection & Privacy Laws 2021

A heightened risk for cyberattacks and data breaches calls for companies to remain diligent as they navigate a patchwork of federal, state, local and sector-specific privacy and data protection laws, regulations and guidance. For Financier Worldwide, Margaret A. Dale and Ryan P. Blaney deliver commentary on the evolving landscape and offer considerations for companies looking … Continue Reading

Navigating the New Standard Contractual Clauses for International Data Transfers under the GDPR

The final version of the new standard contractual clauses (“SCCs”) were published by the European Commission on June 4, 2021. Many organizations that transfer or receive personal data originating in the European Economic Area (“EEA”) outside the EEA will be required to implement these SCCs with their customers, suppliers and affiliates by December 2022 to … Continue Reading

U.S. Department of Labor Steps into the Cybersecurity Discussion

Formally wading into the cybersecurity discussion for the first time, on April 14, 2021, the U.S. Department of Labor (DOL) posted on its website a suite of new guidance, including Tips for Hiring a Service Provider with Strong Cybersecurity Practices, Cybersecurity Program Best Practices, and Online Security Tips for Participants and Beneficiaries. By way of background, cybersecurity has … Continue Reading

Notable Trends in Privacy and Data Security

COVID-19, the California Consumer Privacy Act (CCPA) coming into force, and the invalidation of the EU-US Privacy Shield already made 2020 an especially active year for privacy and data security risks and obligations. Rounding out the year, December then brought discovery of the unprecedented Solarwinds cyberattack affecting government agencies, critical infrastructure entities and others. Thus, looking ahead, … Continue Reading

SolarWinds Vendor Supply Chain Attack: A Timely Reason to Review Procedures for Risk Assessments and Vendor Contracts

As reported last week, a state-sponsored hacker may have breached multiple U.S. government networks through a widely-used software product offered by SolarWinds. The compromised product, known as Orion, helps organizations manage their networks, servers, and networked devices. The hacker concealed malware inside a software update that, when installed, allowed the hacker to perform reconnaissance, elevate … Continue Reading

Regulatory Crackdown on Ransomware

In recent years, Ransomware has evolved from merely encrypting files/disabling networks in solicitation of ransom, to sophisticated attacks that often involve actual data access, theft and sometimes, the threat of publication. These sophisticated malware attacks frequently destroy backups and provide criminals even more leverage over their victims, coercing them to pay ransoms.  Ransomware does not … Continue Reading

Cybersecurity: SEC and Other Regulators

In today’s world, cybersecurity breaches and threats are pervasive concerns for any business entity, without exception. Working from home arrangements due to COVID-19 constraints only magnify the risk and create further vulnerabilities for companies. Companies should be aware of (1) the key cyber threats they face, (2) the consequences of a breach, and (3) the … Continue Reading

Trends in Privacy and Data Security

Privacy and cybersecurity remain top priorities for regulators and companies alike, as the threats posed by large-scale data breaches and other cyber incidents show no signs of waning. Companies and their counsel must monitor privacy and data security-related enforcement trends, new laws and regulations, and key emerging issues to mitigate risks and minimize potential liability. … Continue Reading

FTC Ramps up COVID-19 Activity After Improving its Data Security Enforcement Orders

With the spread of the novel coronavirus (COVID-19), cybersecurity criminals and scammers are ramping up their efforts to target vulnerable employers and workforces. The FTC announced today that since January they have received more than 7,800 fraud complaints from consumers related to the COVID-19 pandemic. But the FTC isn’t slowing down either. Even with the … Continue Reading

SEC Charges Broker-Dealer and Investment Adviser with Violations of the Safeguards Rule and Identity Theft Red Flags Rule

In September 2018, the Securities and Exchange Commission (“SEC”) announced that broker-dealer and investment adviser Voya Financial Advisors Inc. (“VFA”) agreed to pay $1,000,000 to settle charges related to alleged failures in its cybersecurity policies and procedures relating to a data breach that compromised the personal information of 5,600 customers. The SEC charged VFA with … Continue Reading

New York DFS Cybersecurity September 2018 Deadline

The New York Department of Financial Services cybersecurity regulation 23 NYCRR 500 (the “Regulation”) came into effect in March 2017 and established four staggered compliance deadlines for its various requirements. By the third deadline of September 3, 2018, Covered Entities are required to be in compliance with sections 500.06 (audit trails), 500.08 (application security), 500.13 … Continue Reading

A Primer on the SHIELD Act: New York’s Move to Adopt More Stringent Data Security Requirements

In November 2017, New York Attorney General Eric Schneiderman introduced the Stop Hacks and Improve Electronic Data Security (SHIELD) Act (the “Act”) in the state’s Legislature. Companies – big and small – that collect information from New York residents should take note, as the Act could mean increased compliance costs, as well as potential enforcement actions for those that … Continue Reading

SEC Issues Updated Guidance on Public Company Cybersecurity Disclosures

On February 21, 2018, the Securities and Exchange Commission (SEC) issued an interpretive Commission Statement and Guidance on Public Company Cybersecurity Disclosures (the “Guidance”) to assist public companies in meeting their cybersecurity disclosure requirements under the federal securities laws. The Guidance notes that, as reliance on networked systems and the Internet have increased, so too have the risks … Continue Reading

Colorado and Vermont Adopt Cybersecurity Rules Covering Broker-Dealers and Investment Advisers

State financial regulators in Colorado and Vermont recently adopted cybersecurity rules that apply to broker-dealers and investment advisers regulated by those states as well as certain other “securities professionals” in Vermont. The broad definition of “securities professional” in Vermont’s regulation (“any person providing investment-related services in Vermont”) could include entities that do not generally consider … Continue Reading

A Primer on China’s New Cybersecurity Law: Privacy, Cross-Border Transfer Requirements, and Data Localization

China’s new Cybersecurity Law is one of the most important pieces of privacy and cybersecurity legislation we’ll see this year, and companies of all sizes need to be aware of its requirements – regardless of whether or not they have a physical presence in China. The new law goes into effect on June 1, 2017, … Continue Reading

New York Department of Financial Services Provides Guidance on Cybersecurity Regulation; Colorado Financial Regulator Proposes Cybersecurity Rules Affecting Broker-Dealers and Investment Advisers

In April 2017, the New York Department of Financial Services (the “DFS”) released guidance on interpreting 23 NYCRR Part 500, its recently promulgated regulation that requires banks, insurance companies and other financial services institutions regulated by the DFS to adopt broad cybersecurity programs (the “Regulation”), in the form of a frequently asked questions (“FAQ”) document … Continue Reading

New York Department of Financial Services Finalizes Cybersecurity Proposal

On February 16, 2017, the New York Department of Financial Services (the “DFS”) released a final version (the “Final Regulation”) of its proposed regulation, previously released in an earlier revised form on December 28, 2016, that would require banks, insurance companies and other financial services institutions regulated by the DFS to adopt broad cybersecurity protections … Continue Reading

New York Department of Financial Services Revises Cybersecurity Proposal: Greater Flexibility and Delayed Compliance Deadlines

As we previously reported, in December 2016 the New York Department of Financial Services (the “DFS”) announced that it was revising its proposed regulation that would require banks, insurance companies and other financial services institutions regulated by the DFS to adopt broad cybersecurity protections (the “Original Proposal”). On December 28, 2016, the DFS released a … Continue Reading

Financial Industry Groups Criticize New York Department of Financial Services Cybersecurity Proposal; New Draft to be Released on December 28, 2016

As we previously reported, in September 2016 the New York Department of Financial Services (the “DFS”) proposed a regulation that would require banks, insurance companies and other financial services institutions regulated by the DFS to adopt broad cybersecurity protections (the “Proposal”). The comment period for the Proposal closed in mid-November. In late December, a DFS … Continue Reading

The Clock Has Started: What ISPs Need to Do and When to Comply with the FCC’s Broadband Privacy Rules

On December 2, 2016, the Federal Communications Commission (“FCC”) published its Report and Order entitled “Protecting the Privacy of Customers of Broadband and Other Telecommunications Services” (the “Order”) as a final rule in the Federal Register, adopting rules applicable to Internet service providers (“ISPs”) intended to protect the privacy of broadband consumers. Despite the publication … Continue Reading

New York Department of Financial Services Proposes Cybersecurity Regulation

On September 13, 2016, New York Governor Andrew Cuomo announced that the New York Department of Financial Services (the “DFS”) proposed a regulation that would require banks, insurance companies, and other financial services institutions regulated by the DFS to establish and maintain a cybersecurity program (the “Proposal”). If the Proposal is adopted, New York would … Continue Reading

Tales from the (Quantum) Crypt

The dream of hack-proof communication just got a little closer to reality. On August 16, 2016, China launched the world’s first “quantum satellite,” a project the Chinese government hopes will enable it to build a communication system incapable of being hacked. Such a system, if perfected, would allow for encrypted communications between any two devices … Continue Reading
LexBlog

This website uses third party cookies, over which we have no control. To deactivate the use of third party advertising cookies, you should alter the settings in your browser.

OK