Popular, Data Breach, Financial Institutions

New SEC Cybersecurity Compliance Deadlines are Coming: What 5 Things Should Covered Institutions Do to Prepare?

Fisher Phillips on 6/30/2025

The SEC’s amended Regulation S-P, adopted last year, will soon enhance data privacy protections for broker-dealers, investment companies, registered investment advisors, and transfer agents. The updated rule requires these...more

China Monthly Data Protection Update: May 2025

Dacheng on 5/29/2025

This monthly report outlines key developments in China’s data protection sector for May. The following events merit special attention...more

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

BCLP on 1/31/2025

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

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

Privacy Briefs: February 2024

Health Care Compliance Association (HCCA) on 2/9/2024

The American Hospital Association (AHA) has warned that information technology (IT) help desks are being targeted in a social engineering scheme that uses the stolen identity of revenue cycle employees or employees in other...more

FTC’s Amended Safeguards Rule Creates Unique Dilemma for Certain Organizations Who Have Experienced a Data Breach

King & Spalding on 2/1/2024

On May 13, 2024, the FTC’s new rule (the “Rule”) requiring certain financial institutions to report cyber incidents to the Commission will go into effect. The Rule, which is an amendment to the Gramm-Leach-Bliley Act (GLBA)...more

Cybersecurity: What to Watch for in 2024

Wilson Sonsini Goodrich & Rosati on 1/4/2024

In 2024, businesses will continue to face an evolving landscape of cyber threats, along with an increasingly complex regulatory environment. With heightened scrutiny from regulators, consumers, and investors, the need to...more

Empire State of Security: New York DFS Finalizes Significant Amendment to Financial Services Cybersecurity Regulation

Wyrick Robbins Yates & Ponton LLP on 12/5/2023

The New York State Department of Financial Services (“NYDFS”), which regulates financial services institutions including banks, insurance companies, and mortgage brokers, finalized an amendment to its Cybersecurity Regulation...more

FTC Amends Financial Institution Safeguards Rule to Include New Obligation to Report Notification of Data Security Breaches

Benesch on 11/29/2023

The amended rule requires financial institutions to notify the FTC within 30 days of discovery of a security breach involving information of at least 500 consumers. ...more

More Privacy, Please - September/October 2023

Troutman Pepper Locke on 11/28/2023

Editor’s Note: The FTC continues to crack down on privacy and cybersecurity, including issuing a new warning to tax preparation companies and entering into a consent decree with 1Health.io. VPPA and BIPA litigation continues...more

FTC Adds New Data Breach Reporting Obligations Under Safeguards Rule

Cooley LLP on 11/21/2023

On October 27, 2023, the Federal Trade Commission (FTC) unanimously approved an amendment to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule to require certain covered financial institutions to report a broad range of data...more

FTC Announces Data Breach Reporting Obligation Under GLBA Safeguards Rule

Perkins Coie on 11/3/2023

Under an amendment to the Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA) announced on October 27, 2023, the Federal Trade Commission (FTC) will require a broad range of nonbank financial institutions to notify the...more

FTC Approves New Data Breach Notification Requirement for Non-Banking Financial Institutions

Alston & Bird on 11/1/2023

On October 27, 2023, the FTC approved an amendment to the Safeguards Rule (the “Amendment”) requiring that non-banking financial institutions notify the FTC in the event of a defined “Notification Event” where customer...more

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

EDRM - Electronic Discovery Reference Model on 5/18/2023

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

FSB: Greater convergence needed in cyber-incident reporting

Orrick, Herrington & Sutcliffe LLP on 4/21/2023

On April 13, the Financial Stability Board (FSB) released a series of recommendations for achieving “greater convergence” in cyber-incident reporting (CIR). Issued at the request of the G-20, the final report draws from FSB’s...more

NCUA Announces New Cyber Threat Reporting Requirement

Nelson Mullins Riley & Scarborough LLP on 3/7/2023

The NCUA stated the new rule, which was approved on Feb. 16, 2023, aims to mitigate cyber incidents “that [lead] to a substantial loss of confidentiality, integrity, or availability of a network or member information system...more

Federal Court Holds Financial Institution Liable for Business Email Compromise Loss

Davis Wright Tremaine LLP on 2/27/2023

While ransomware attacks usually grab the headlines, business email compromise (BEC) attacks continue to cause massive financial losses for businesses. The FBI’s Internet Crime Complaint Center (IC3), reported BEC losses in...more

CFPB Turns Its Attention to Data Security

Troutman Pepper Locke on 8/18/2022

On August 11, the Consumer Financial Protection Bureau (CFPB) published a circular, answering the question “Can entities violate the prohibition on unfair acts or practices in the Consumer Financial Protection Act (CFPA) when...more

Financial Institutions Face Increasingly Stringent Federal Breach Reporting Requirements

Ballard Spahr LLP on 4/27/2022

The last few months have seen a flurry of new federal cybersecurity incident reporting requirements and proposals impacting private entities in the financial sector. As the number and frequency of cyber attacks continue to...more

Federal Banking Regulators Issue New Guidance for Complying with 36 Hour Cybersecurity Incident Reporting Requirement

Polsinelli on 4/1/2022

On March 29, 2022, federal banking regulators issued important guidance for how banking organizations can comply with the upcoming requirement to notify regulators within 36 hours of ransomware or other disruptive...more

Defending Against Ransomware: OSFI Updated Advisory on Cyber Incident Reporting

Bennett Jones LLP on 3/15/2022

Ransomware continues to present an increasing risk to all organizations. Ransomware attacks can involve the installation of malicious software designed to block access to computer systems and/or steal data, and a...more

What Banks Need to Know About New Data Breach Notification Requirements

Blank Rome LLP on 2/7/2022

Given the omnipresent concern about cyber attacks targeting the banking industry, the FDIC, OCC and Federal Reserve recently published a new joint final rule establishing enhanced security incident notification requirements...more

FinCEN Crypto & Ransomware Guidance: Will 2022 Bring More Changes?

Torres Trade Law, PLLC on 1/26/2022

The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury (“Treasury”) has made clear that businesses engaging in certain activities involving virtual currencies are subject to registration,...more

Year-end Crypto Roundup — Five Key Concepts About the U.S. Government’s Recent Actions on Virtual Currency and Ransomware

Orrick, Herrington & Sutcliffe LLP on 12/30/2021

The innovative use of virtual currencies is hotter than ever, but so is a dark side of these instruments: their exploitation in ransomware schemes. This year, since January 2021, ransomware attacks have increased...more

Federal Bank Regulators Approve New Cybersecurity Incident Notification Rule

Sheppard Mullin Richter & Hampton LLP on 12/9/2021

Last month, the FDIC, Federal Reserve Board, and the OCC announced a final rule to improve information sharing about cyber incidents that may affect the U.S. banking system. Among other things, the final rule requires...more

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