Ransomware victims face a nearly impossible decision: pay criminals holding their business hostage or refuse and face possible crippling consequences. This decision requires careful analysis of a number of considerations, and...more
2/25/2021
/ Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Hackers ,
Incident Response Plans ,
Information Technology ,
New Guidance ,
NYDFS ,
Personally Identifiable Information ,
Popular ,
Ransomware
In response to the significant rise in ransomware attacks since the start of the COVID-19 pandemic and just in time for Cybersecurity Awareness Month, the Department of the Treasury’s Financial Crimes Enforcement Network...more
10/6/2020
/ AML/CFT ,
BSA/AML ,
Cyber Crimes ,
Cyber Insurance ,
Cybersecurity ,
Economic Sanctions ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Money Services Business ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Privacy Concerns ,
Ransomware ,
Suspicious Activity Reports (SARs)
Following promises of increased enforcement, on July 22, 2020, the New York Department of Financial Services (NYDFS) announced the first cybersecurity enforcement action pursuant to its Cybersecurity Regulation, which...more
Companies should take note of two imminent developments in New York in the area of cybersecurity regulation: enforcement of the New York Department of Financial Services (NYDFS) Cybersecurity Regulation (Regulation) and the...more
2/26/2020
/ Consumer Privacy Rights ,
Consumer Protection Laws ,
Covered Entities ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Data Security ,
Financial Services Industry ,
GLBA Privacy ,
Gramm-Leach-Blilely Act ,
Health Insurance Portability and Accountability Act (HIPAA) ,
NYDFS ,
Personal Information ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
SHIELD Act ,
State and Local Government ,
State Data Breach Notification Statutes ,
State Data Privacy Laws
In a legislative environment charitably described as challenging, the fact that the Senate recently passed cybersecurity legislation by unanimous consent is noteworthy and highlights the bipartisan nature of this issue. The...more