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DORA: 1 year to go! Key recommendations for Financial Services to improve cybersecurity and resilience in multi-clouds

Thales Cloud Protection & Licensing

Key recommendations for Financial Services to improve cybersecurity and resilience in multi-clouds madhav Wed, 01/17/2024 - 05:46 The Digital Operational Resilience Act (DORA) will apply to the EU financial sector from 17 January 2025. As set out in its Article 2, DORA applies to the entire financial services sector.

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The Many Challenges of a Multi-Cloud Business Environment

Thales Cloud Protection & Licensing

At a global level, there's a broad acceptance that security teams are tightly involved with policy definition (82%), but an almost even split in relation to enforcement; 37% believe it is the security team’s responsibility while 45% believe that policy enforcement is up to the cloud provider.

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Security Compliance & Data Privacy Regulations

eSecurity Planet

Virgin Islands, and Guam) have their own data breach notification laws (and each such state, accordingly, has its very own definition of such basic terms as “data” and “breach”) – with Massachusetts’ and California’s respective breach-notification schemes viewed as among the strictest. In the U.S.,

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NYDFS finalizes cybersecurity rule amendments

Data Protection Report

On November 1, 2023, the New York Department of Financial Services (NYDFS) finalized the second amendment to its cybersecurity regulations, which are available here. The two definitions from Section 500.1 a)), this new term applies. There are several other compliance dates that include different transition periods (500.22(d)

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FTC amendment to Safeguards Rule

Data Protection Report

The only exemptions are “blind data” that contain no personal identifiers or publicly available information; and Customer information will be considered to be “unencrypted” in situations in which the encryption key was also accessed without authorization, regardless of whether the customer information was encrypted.

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FTC Seeks Comment on Proposed Changes to its GLBA Safeguards and Privacy Rules

Data Matters

Of particular note, the Safeguards Rule NPRM proposes to align the FTC’s requirements with those of the New York Department of Financial Services (“NYDFS”), as found in its cybersecurity regulations, and the National Association of Insurance Commissioners (“NAIC”), as found in its insurance data security model law.

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New York’s Breach Law Amendments and New Security Requirements

Data Protection Report

Law § 899-aa) differs from most states’ law in several ways including (1) using separate definitions of “personal information” and “private information;” and (2) providing factors to consider whether personal information had been acquired. Readers may recall that New York’s security breach notification law (N.Y.