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Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation

Data Matters

On July 21, 2020, the New York State Department of Financial Services (NYDFS or the Department) issued a statement of charges and notice of hearing (the Statement) against First American Title Insurance Company (First American) for violations of the Department’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R.

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CENTRAL BANK DIGITAL CURRENCIES

Thales Cloud Protection & Licensing

As explained by the Bank of England [1] “£10 of a UK digital currency would always be worth the same as a £10 note”. Payments evolution and a CBDC origin One of the fairly recent and significant evolutions in digital payments was introduction of open banking that has increased competition and innovation in the financial sector.

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SEC Announces Settled Charges Against First American for Cybersecurity Disclosure Controls Failures – Lessons Learned

Data Matters

The SEC is considering enhancing its disclosure rules concerning cybersecurity risk governance and has indicated a target release date of October 2021. The Order alleges that this vulnerability exposed over 800 million images dating back to 2003, including sensitive personal data, such as Social Security numbers and financial information.

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Former FTC Counsel Markus Heyder Joins Centre for Information Policy Leadership at Hunton

Hunton Privacy

Federal Trade Commission, will be joining as Vice President and Senior Policy Counselor, effective March 17, 2014. Markus has a distinguished reputation as a privacy lawyer and brings an impressive background in global data privacy, information security and consumer protection law and policy, including with the FTC, the primary U.S.

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New York Banking Regulator Announces New Cybersecurity Assessment Process

Hunton Privacy

On December 10, 2014, the New York State Department of Financial Services (the “Department”) announced that it issued an industry guidance letter to all Department-regulated banking institutions that formally introduces the Department’s new cybersecurity preparedness assessment process.

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An Approach to Cybersecurity Risk Oversight for Corporate Directors

Data Matters

Recent guidance from the Securities and Exchange Commission (SEC) on disclosure and enforcement actions by the Federal Trade Commission (FTC) make clear that cybersecurity is no longer a niche topic, but a concern significant enough to warrant the oversight of corporate boards of directors. Creating an enterprise-wide governance structure.

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Nation-State-Sponsored Attacks: Not Your Grandfather’s Cyber Attacks

Data Matters

Attorney General described a recent takedown of a Russian government-sponsored botnet called Cyclops Blink before it was weaponized and caused damage. and foreign government agencies. government reported a significant rise in hacks perpetrated against private companies by nation-state-sponsored threat actors. 19, 2022).