News & Analysis as of August 1, 2025

Financial Services Industry

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

Additional Cybersecurity Requirements of NYDFS Part 500 Take Effect

Alston & Bird on 5/5/2025

On May 1, 2025, additional enhanced cybersecurity controls required by the Second Amendment to the New York Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) (the “Second Amendment”) take...more

Deadline Approaching: Covered Entities Must File Certifications of Compliance With Amended NYDFS Cyber Regulation by April 15

Davis Wright Tremaine LLP on 4/10/2025

In November 2023, the New York Department of Financial Services (NYDFS) issued its second amendment to its "Cybersecurity Requirements for Financial Services Companies (the Cybersecurity Regulation or Part 500). This was the...more

The Growing Cyber Risks in Fintech and How to Mitigate Them

Woodruff Sawyer on 6/10/2024

The fintech revolution has reshaped the financial world, creating new opportunities to borrow, save, transact, and invest like never before. With no signs of slowing, fintech revenues are projected to grow sixfold from $245...more

Data Privacy + Cybersecurity Insider - October 2023 #2

Robinson & Cole LLP on 10/16/2023

CYBERSECURITY - CISA Launches Cybersecurity - Public Awareness Campaign To kick off the twentieth annual Cybersecurity Awareness Month, the Cybersecurity and Infrastructure Security Agency (CISA) has announced that CISA and...more

FBI Warns About Cybersecurity Problems on DeFi Platforms

Cadwalader, Wickersham & Taft LLP on 9/1/2022

Decentralized finance platforms (DeFi) are designed to operate in a decentralized manner primarily through the utilization of smart contracts. Smart contracts are simply a name given to small “if/then” statements written in...more

Federal Banking Regulators Issue Rule Requiring 36 Hour Notice of Ransomware and Other Disruptive Cybersecurity Incidents

Polsinelli on 11/22/2021

On November 18, 2021, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency issued a joint final rule to require banking...more

Data Privacy + Cybersecurity Insider - May #3

Robinson & Cole LLP on 5/31/2020

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...more

Data Privacy + Cybersecurity Insider - January 2020 #2

Robinson & Cole LLP on 1/10/2020

Department of Homeland Security Warns of Cyber-Attacks by Iran - The Department of Homeland Security (DHS) issued a grave warning to U.S. businesses and critical infrastructure operators on January 6, 2020, alerting the...more

Privacy Tip #220 – Identity Theft Still in Top Three Frauds Reported to FTC

Robinson+Cole Data Privacy + Security Insider on 12/19/2019

Three million fraud cases were reported to the FTC in 2018, and 444,602 of them involved identity theft. These reported cases (just think of how high the statistic would be if all cases were reported) amounts to the third...more

Experian® Predicts Cyber Threats in 2019

Robinson+Cole Data Privacy + Security Insider on 12/20/2018

Experian’s Data Breach Resolution group has released its Data Breach Industry Forecast 2019 Report, which provides predictions for data breaches in 2019, and outlines staggering statistics of data breaches that occurred in...more

Significant Vulnerability Discovered in Software Platform Serving Close to 2,000 Banks

White and Williams LLP on 9/19/2018

KrebsOnSecurity recently reported a vulnerability found in perhaps little-known but widely used financial services software which powers the websites of thousands of banks. The exposure allowed even a mildly clever user to...more

Data Privacy + Cybersecurity Insider - September 2018

Robinson & Cole LLP on 9/11/2018

We reported last week that a spyware maker recently compromised users’ and victims’ sensitive information. Since that time, another spyware maker, mSpy, which holds itself out as having over a million users employing its...more

Opening a Bank Account with a Smartphone—Dodd-Frank Roll-Back Making Online Banking Easier

Robinson+Cole Data Privacy + Security Insider on 6/5/2018

President Trump recently signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act, which is already making waves in the financial sector for its repeal of certain Dodd-Frank provisions that were...more

A guide to NYDFS Cybersecurity Regulation's March 1 implementation deadline

Hogan Lovells on 2/28/2018

It’s been almost a year since the New York State Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) came into effect. Since that time, a series of key dates have marked the implementation of...more

OCC Report Identifies Cybersecurity and AML as Key Risks for Federal Banking System

Ballard Spahr LLP on 1/22/2018

Last week, the OCC released its semiannual risk report highlighting credit, operational, and compliance risks to the federal banking system. The report focuses on issues that pose threats to those financial institutions...more

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

Orrick, Herrington & Sutcliffe LLP on 10/16/2017

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

OCIE Lessons From Cybersecurity 2 Initiative

Carlton Fields on 10/9/2017

On August 7, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert containing observations from its Cybersecurity 2 Exam Initiative. As a follow-up to the 2014 Cybersecurity 1 initiative, the...more

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