News & Analysis as of

Data Breach Cyber Attacks Financial Services Industry

Maynard Nexsen

Urgent Cybersecurity Briefing: Scattered Spider Attacks

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Several insurance companies have been targeted this month by cyberattacks, including AFLAC, Erie Insurance, and Philadelphia Insurance. The threat actor, Scattered Spider, is now focusing on the insurance industry. We want to...more

Clark Hill PLC

Right To Know - June 2025, Vol. 30

Clark Hill PLC on

Cyber, Privacy, and Technology Report - Welcome to your monthly rundown of all things cyber, privacy, and technology, where we highlight all the happenings you may have missed. State Action: North Dakota Passes Law...more

Spilman Thomas & Battle, PLLC

Decoded - Technology Law Insights, V 6, Issue 4, April 2025

Welcome to our fourth issue of 2025 of Decoded - our technology law insights e-newsletter. We hope you enjoy this issue and thank you for reading. Sector by Sector: How Data Breaches are Wrecking Bottom Lines - “Data...more

Orrick, Herrington & Sutcliffe LLP

Cyber Threats in Public Finance: Protecting Transactions from Wire Fraud

A recent cyberattack on a Michigan township has exposed weaknesses in the bond-closing process. In this incident, hackers stole over $25 million in bond proceeds by using spoofed email addresses to provide fraudulent wire...more

BCLP

Cybersecurity Risks for Financial Services Firms: Proactive Strategies to Stay Ahead

BCLP on

The 2024 CrowdStrike outage and the ransomware attack on NHS partner Synnovis hit mainstream news and highlighted the fragility of ICT supply chains and the risks posed by cyber incidents....more

Ankura

Enhancing Cross-Border e-Discovery and Data Breach Investigations with AI

Ankura on

Today’s interconnected world presents significant challenges for managing cross-border e-discovery and data breach investigations. These processes—critical for legal proceedings and cybersecurity—are often complicated by...more

Troutman Pepper Locke

The Supreme Court of Virginia Provides Needed Cybercrime Guidance

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On November 21, the Supreme Court of Virginia entered a published order reversing a 14-3 en banc decision of the Court of Appeals of Virginia addressing the applicability of Virginia’s criminal laws regulating cybercrime. The...more

NAVEX

DORA: Exploring Finance Compliance Requirements

NAVEX on

Numbers never lie. The second most targeted industry in terms of hacking and breaches is Finance, which was the victim somewhere in the realm of 2,306 to 2,792 cyberattacks in 2023 (depending on the source). With each data...more

Robinson+Cole Data Privacy + Security Insider

Ally Financial Faces Class Actions Over Data Breach

Ally Financial Inc., a digital financial services company, faces two class action lawsuits in the U.S. District Court for the Western District of North Carolina related to an April 2024 data breach. The suits allege that Ally...more

Cadwalader, Wickersham & Taft LLP

How FCA Guidance Aligns With Global Cyberattack Measures

By March 31, 2025, U.K. firms regulated by the Financial Conduct Authority will be required to have conducted mapping and testing to ensure they remain within their impact tolerances for identified operational risks of...more

Woodruff Sawyer

The Growing Cyber Risks in Fintech and How to Mitigate Them

Woodruff Sawyer on

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

Epiq

Data Breaches up 72% From Record High: Cyber Incident Readiness Must be Top of Mind

Epiq on

“Protect your data! Breaches are on the rise!” These warnings seem to be everywhere – and rightfully so. Threat actors are sophisticated and new breach trends are constantly materializing. Awareness is no longer enough. It...more

Troutman Pepper Locke

More Privacy, Please – January 2024

Troutman Pepper Locke on

NIST Publishes Report on the Cybersecurity of Genomic Data. On December 20, 2023, the NIST National Cybersecurity Center of Excellence (NCCoE) published Final NIST IR 8432, Cybersecurity of Genomic Data. Informed by direction...more

Troutman Pepper Locke

More Privacy, Please – November/December 2023

Troutman Pepper Locke on

In recent regulatory and enforcement developments, the California Privacy Protection Agency (CPPA) proposed a regulatory framework for automated decision-making technology (ADMT) and revisions to the California Consumer...more

Alston & Bird

The Digital Download – Alston & Bird’s Privacy & Data Security Newsletter – November 2023

Alston & Bird on

Publications and Advisories - November 13, 2023 – Kathleen Benway, Kate Hanniford, Amy Mushahwar, Kim Peretti, and Lance Taubin published “Privacy, Cyber & Data Strategy Advisory: FTC Approved New Data Breach Notification...more

Polsinelli

FTC Adopts Data Breach Notification Obligations for Non-Banking Financial Institutions

Polsinelli on

On October 27, 2023, the Federal Trade Commission (“FTC”) adopted an amendment to the FTC’s Safeguards Rule that will require non-banking financial institutions to notify the FTC within thirty days of discovering a data...more

Katten Muchin Rosenman LLP

New FTC Rule Requires Certain Financial Institutions to Report Loss of Unencrypted Customer Data

On October 27, the Federal Trade Commission (FTC or Commission) published a final rule expanding data breach notification requirements for certain financial institutions (Final Rule). Federal Register, will require entities...more

Goodwin

A Closer Look at the SEC’s Cybersecurity Rules for Covered Entities and Market Entities

Goodwin on

The SEC is continuing its campaign to overhaul cybersecurity, cyber incident reporting, and privacy controls and requirements for financial services industry registrants, their service providers, and corporate America...more

Cadwalader, Wickersham & Taft LLP

SEC Disclosure Requirements for Material Cybersecurity Incidents Updated

The Securities and Exchange Commission (“SEC”) has admonished companies to report material cybersecurity incidents in their public filings since 2011, but this week the SEC announced a new rule actually requiring disclosure...more

Spilman Thomas & Battle, PLLC

Decoded: Technology Law Insights - V 4, Issue 5, May 2023

Cyber Resilience Programs Falling Short on Preparing Workers for a Crisis- “At two-thirds of organizations, there is a fear that almost all employees, 95%, will not understand how to recover following a cyberattack.” ...more

EDRM - Electronic Discovery Reference Model

[Webinar] Banks in the Crosshairs: Cyberattacks and Aggressive Regulators - May 25th, 1:00 pm - 2:00 pm ET

Financial institutions are in a tough spot- caught between the “bad guys” (state-sponsored cyberattacks and cyber criminals) and “good guys” (ever more aggressive regulators)- what’s a bank to do??? Tune in to find out!...more

Foley Hoag LLP - Security, Privacy and the...

As If Bank Failures Aren’t Enough – Hackers Are Exploiting the Chaos to Breach Security

The Massachusetts State Police Commonwealth Fusion Center (CFC) believes that cyber actors may use the current bank failures for future phishing and business email compromise (BEC) attacks. Cyber actors often use current...more

Baker Donelson

NCUA Approves New Cyber Incident Reporting Requirements: What Credit Unions Need to Know

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The National Credit Union Administration (NCUA) has approved new cyber incident reporting requirements for credit unions. Under the final rule, federally insured credit unions will be required to notify the NCUA of a...more

Troutman Pepper Locke

Cyber Capsule - August 2022

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Please find our fourth edition of the Cyber Capsule. As in months past, we continue to see an emphasis on two trends — an emphasis on cybersecurity funding and an emphasis on information sharing. Information sharing, however,...more

Robinson+Cole Data Privacy + Security Insider

Lending Tree Notifies 70,000 Customers of Data Breach

Online mortgage lender Lending Tree sent breach notification letters to affected individuals on June 29, 2022. The letter advises those persons that their name, social security number...more

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