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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 Amends Cybersecurity Rules for Financial Services Companies

Hunton Privacy

On November 9, 2022, the New York Department of Financial Services (NYDFS) released its second, proposed amendments to the Part 500 Cybersecurity Rule. Revised Definition of Class A Companies. Covered Entities must have a monitoring process that ensures prompt notification of any new security vulnerabilities.

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NYDFS Proposes Updated Second Amendment to Its Cybersecurity Regulation

Hunton Privacy

On June 28, 2023, the New York Department of Financial Services (“NYDFS”) published an updated proposed Second Amendment (“Amendment”) to its Cybersecurity Regulation, 23 NYCRR Part 500. On November 9, 2022, NYDFS published a first draft of the proposed Amendment and received comments from stakeholders over a 60-day period.

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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. Second, Section 204 provides relief from the name-sharing restrictions of the Volcker Rule (both in the definition of “sponsor” and in the asset management exemption).

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Security Compliance & Data Privacy Regulations

eSecurity Planet

Regulatory compliance and data privacy issues have long been an IT security nightmare. GDPR (among other legal requirements in the EU and elsewhere) can expose multinational organizations to hefty financial penalties, additional rules for disclosing data breaches, and increased scrutiny of the adequacy of their data security.

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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”). Information Security Program Requirements. On May 27, 2022, Vermont Governor Phil Scott signed H.515

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CIPL Publishes Discussion Paper on Digital Assets and Privacy

Hunton Privacy

As financial services authorities move to regulate digital assets in jurisdictions worldwide, the paper highlights the need to bring privacy regulators into the discussion so that data privacy issues affecting blockchain are addressed in tandem. Data security. Accountability. Confidentiality and government access.

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