News & Analysis as of

Corporate Counsel Data Breach Financial Services Industry

Sheppard Mullin Richter & Hampton LLP

North Dakota Passes New Data Security Law for “Financial Corporations”

North Dakota recently passed a law establishing new rules for certain financial companies operating in the state – specifically “financial corporations.” The new obligations will take effect on August 1, 2025. They will apply...more

Husch Blackwell LLP

New York Amends its Data Breach Notification Law

Husch Blackwell LLP on

Keypoint: New York has amended its data breach notification law twice in the last 60 days to (1) add a 30-day deadline for notifying affected residents, (2) clarify that covered financial entities must still notify the New...more

Faegre Drinker Biddle & Reath LLP

Lessons from PayPal’s $2 Million Cybersecurity Settlement with the New York State Department of Financial Services

On January 23, 2025, PayPal settled an enforcement action brought by the New York State Department of Financial Services (NY DFS) for failing to comply with cybersecurity regulations required for financial services businesses...more

Wyrick Robbins Yates & Ponton LLP

2022 Hindsight: Breach Notification Year in Review

While new comprehensive state privacy laws took most of the headlines this year, security threats and incident response remain key risk factors for privacy compliance programs and the subject of important legal developments....more

Ballard Spahr LLP

CFPB Warns Failure to Safeguard Consumer Data May Be Unfair Act or Practice

Ballard Spahr LLP on

On August 11, the CFPB published a circular confirming that covered persons and service providers under the Consumer Financial Protection Act (CFPA) may violate the CFPA’s prohibition against unfair acts or practices when...more

Bond Schoeneck & King PLLC

New York State Department of Financial Services Announces Two Cybersecurity Settlements

The Cybersecurity Division of the New York State Department of Financial Services (DFS) continues to ramp up enforcement of the Cybersecurity Regulation. In two recent settlements, DFS has begun to offer insight into how it...more

Alston & Bird

NYDFS Announces Cybersecurity Settlement, Addresses Multi-Factor Authentication Rules

Alston & Bird on

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

Mintz - Privacy & Cybersecurity Viewpoints

NYDFS’ First Cybersecurity Enforcement Action - What Happened and Important Lessons for Organizations

The New York State Department of Financial Services (“NYDFS”) has announced its first enforcement action of NYDFS’ Cybersecurity Regulation, Part 500 of Title 23 (“Cybersecurity Regulation”) against First American Title...more

Robinson+Cole Data Privacy + Security Insider

Capital One Required to Produce Forensic Report in Class Action

As a litigator, when responding to any security incident, thoughtful consideration is given to the possibility that the security incident may wind up in litigation, and therefore, certain decisions are made in anticipation of...more

Patterson Belknap Webb & Tyler LLP

Federal Appeals Court Slams Data Breach Privilege Claim

In the most recent object lesson in a data breach privilege case, a federal appeals court has ordered a Michigan-based mortgage lender to turn over privileged forensic investigatory documents after the investigator’s...more

Orrick, Herrington & Sutcliffe LLP

Plaintiffs’ Lawyer Predicts $1 Billion Settlement in Data Breach Case – But Where’s the “Harm”?

This week, a high profile plaintiffs’ firm (Edelson) stated that “if done right,” the data breach class actions against Equifax should yield more than $1 billion in cash going directly to more than 143 million consumers...more

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