News & Analysis as of

Risk Management Data Breach 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

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

Orrick, Herrington & Sutcliffe LLP

Financial services industry trade groups pen letter to Treasury Secretary Bessent on cybersecurity risks

On June 9, multiple financial services trade associations sent a letter to Treasury Secretary Scott Bessent expressing concerns about cybersecurity risk management practices at federal regulatory agencies following the OCC’s...more

Ropes & Gray LLP

CIPAC Disbandment and CISA 2015 Reauthorization: Recent Developments in the U.S. Cybersecurity Landscape

Ropes & Gray LLP on

On March 7, 2025, the Department of Homeland Security (“DHS,” “the agency”) disbanded the Critical Infrastructure Partnership Advisory Council (“CIPAC,” “the Council”), originally established in 2006 to facilitate...more

Alston & Bird

Consumer Finance State Roundup - March 2025

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The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from two states: California: Effective January 1, California Assembly Bill 3108 addresses mortgage fraud. ...more

Herbert Smith Freehills Kramer

NYDFS Updates Regulated Firms on Upcoming Cyber Requirements

Financial firms doing business in New York should be mindful of a recent e-blast sent by the state’s financial regulator concerning cybersecurity requirements that become effective in less than two months. The New York...more

Constangy, Brooks, Smith & Prophete, LLP

Cryptocurrency hacks and thefts: Insecure exchanges?

Cryptocurrency exchanges continue to be a target of hackers – and theft is the prize. On February 21, the cryptocurrency exchange Bybit reported that an Ethereum transaction was transferred to an unidentified address,...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

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

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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

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

Constangy, Brooks, Smith & Prophete, LLP

NY-licensed financial services companies must harden incident response plans, improve breach readiness by November 1

New York’s Cybersecurity Regulation continues its phased roll-out on November 1, when licensed financial services companies face a host of new requirements aimed at bolstering breach readiness and improving their ability to...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 42: Beyond the Breach: The CISO’s Role as a Strategic Risk Manager

RegFi co-hosts Jerry Buckley and Sherry Safchuk welcome Orrick partner Aravind Swaminathan for a conversation exploring the critical and evolving role of the Chief Information Security Officer in today’s corporate landscape.....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

Baker Donelson

[Webinar] New Privacy and Cybersecurity Regulations: What Financial Institutions Need to Know to Stay Compliant - June 13th, 10:00...

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The financial services industry has seen a litany of new data privacy and cybersecurity challenges through the first half of 2024. Financial institutions are facing unprecedented compliance hurdles resulting from the...more

A&O Shearman

Chief Information Security Officers and cyber whistleblowing: considerations for PE firms

A&O Shearman on

Managing these risks at a single company should be straightforward.  Executives and CISOs may be personally held accountable for cyber failings, negligence, breaches, and inadequate disclosure around cyber vulnerabilities and...more

Mayer Brown

TPR Report: Key Steps Trustees Should Take if a Cyber Security Incident Occurs

Mayer Brown on

The Pensions Regulator (TPR) has published a regulatory intervention report outlining how they worked with Capita following a cyber incident last year (see our legal update), and detailing the key steps trustees should take...more

Mayer Brown

Cyber security – Pensions Regulator publishes updated guidance for trustees

Mayer Brown on

With the pensions industry having direct experience of recent cyber security incidents, the Pensions Regulator (TPR) has updated its guidance for trustees in this area. As a reminder, this year saw Capita suffer a cyber...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

Mitratech Holdings, Inc

[Event] Interact 2022 - August 14th - 17th, Nashville, TN

Exclusive roadmap reveals, immersive Q&A with top product & industry experts, live product demos, electrifying presentations, co-innovation opportunities, and so much more— all coming to you live from the heart of Nashville,...more

Polsinelli

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

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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

Bennett Jones LLP

OSFI Cybersecurity Guidance and Notification Requirements

Bennett Jones LLP on

OSFI, the Canadian Federal Office of the Superintendent of Financial Institutions, on August 13, 2021, issued new guidance on Technology and Cyber Security Incident Reporting, replacing prior guidance of March 2019....more

Robinson+Cole Data Privacy + Security Insider

NYDFS Issues Cyber Insurance Risk Framework for Regulated Entities

In what the New York Department of Financial Services (NYDFS) is touting as the first guidance by a U.S. regulator on cyber insurance, NYDFS announced on February 4, 2021, in Insurance Circular Letter No. 2 (2021), that it...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - January 2020 #2

Robinson & Cole LLP on

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

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