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Top financial services trends of 2024

IBM Big Data Hub

The start of 2024 brings forth many questions as to what we can expect in the year ahead, especially in the financial services industry, where technological advances have skyrocketed and added complexities to an already turbulent landscape. One example of this is in insurance.

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The Week in Cyber Security and Data Privacy: 1 – 7 January 2024

IT Governance

They accessed 41.5 million customers’ data having gained access via a vulnerability in Hathaway’s Laravel web application framework. million individuals affected HealthEC LLC, a health technology company, has announced that it suffered a data breach in July 2023, in which systems were accessed and files were copied.

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HHS Targets Small Behavioral Health Clinic for HIPAA Violations Following Ransomware Investigation

Hunton Privacy

On February 21, 2024, the U.S. The resolution agreement requires Green Ridge to pay $40,000 to OCR and enter into a Corrective Action Plan that obligates Green Ridge to, among other items: Implement a security management process, including a thorough risk analysis, which is to be provided to HHS for review within 60 days.

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Kentucky and Maryland Recently Joined Other States in Adopting NAIC Model Data Security Law.

Data Matters

Kentucky and Maryland recently continued the trend of state insurance departments adopting some version of the National Association of Insurance Commissioners’ (“NAIC”) Insurance Data Security Model Law. Kentucky Governor Andy Beshear signed House Bill 474 into law, and Maryland Governor Larry Hogan signed SB 207.

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NYDFS Updates Its Cybersecurity Regulation to Protect Against Growing Cyber Threats

Hunton Privacy

The NYDFS, which regulates financial institutions including insurance companies, mortgage brokers and banks, adopted the original Cybersecurity Regulation in 2017. Regulated entities generally have until April 29, 2024 to comply with the amended Regulation. The amended Cybersecurity Regulation will take effect in phases.

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The Week in Cyber Security and Data Privacy: 5 – 11 February 2024

IT Governance

Compromised data includes policyholders’ and their families’ civil status, dates of birth and social security numbers, as well as the name of their health insurer and information relating to their contracts. Key dates 31 March 2024 – PCI DSS v4.0 GB Signature Performance, Inc. transitioning deadline Version 3.2.1 of the Standard.

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Learnings from ALM/Law.com Legalweek 2024: Six Key Takeaways

eDiscovery Daily

We narrowed down our many Legalweek 2024 learnings to six key takeaways. Take advantage of how technology is levelling the playing field Technology has broken barriers and created greater access to opportunities in other fields for years: education, healthcare, etc.

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