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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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NYDFS issues significant guidance on insurers using AI or external data

Data Protection Report

On January 17, 2024 the New York Department of Financial Services (“NYDFS”) published a Proposed Insurance Circular Letter (“Proposed Circular”) regarding the use of artificial intelligence systems (“AIS”) and external consumer data and information sources (“ECDIS”) in insurance underwriting and pricing.

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Vermont Enacts Insurance Data Security Law

Hunton Privacy

515 , making Vermont the twenty-first state to enact legislation based on the National Association of Insurance Commissioners Insurance Data Security Model Law (“MDL-668”). On May 27, 2022, Vermont Governor Phil Scott signed H.515 to 500.23) and they submit a written statement to the Commissioner certifying such compliance.

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President Trump Signs Financial Services Regulatory Reform Legislation

Data Matters

The Act makes many significant modifications to the postcrisis financial regulatory framework, although it leaves the core of that framework intact. If the direct or indirect parent company of an insured depository institution itself exceeds either of those thresholds, the exclusion is not also available. Brokered Deposit Exemption.

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The Week in Cyber Security and Data Privacy: 4 – 10 December 2023

IT Governance

Compromised information includes patients’ personal data, health and medical records, financial data, internal emails and software source code. Only 3 definitely haven’t had data breached. Incorporated Source (Update) Insurance USA Yes 7,361 Advantis Global, Inc. Data breached: 5 TB. and Robert W. Baird & Co.

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BEST PRACTICES: Rising complexities of provisioning identities has pushed ‘IGA’ to the fore

The Last Watchdog

Its customer base is comprised of eight of the top 15 banks, four of the top six healthcare insurance and managed care providers, nine of the top 15 property and casualty insurance providers, five of the top 13 pharmaceutical companies, and 11 of the largest 15 federal agencies. Users re-defined. Most often, a user is a human being.

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

Data Matters

Last week, the Federal Trade Commission (“FTC”) got into the act as well, releasing two notices of proposed rulemaking (“NPRM”) on potential changes to its the Standards for Safeguarding Customer Information (“Safeguards Rule”) and Privacy of Consumer Financial Information Rule (“Privacy Rule”) under the Gramm-Leach-Bliley Act.

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