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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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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. In September 2017, then-SEC Chairman Jay Clayton issued a public statement that provided an overview of the SEC’s approach to cybersecurity and underscored it as a priority for the SEC.

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Top 12 Cloud Security Best Practices for 2021

eSecurity Planet

Public cloud infrastructure as a service (IaaS) may be less vulnerable than traditional data centers, but that doesn’t mean it’s without its own set of risks. Train your staff. Perhaps most importantly, cloud security training should help employees understand the inherent risk of shadow IT.

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Cloud, Intelligent Content Services, and Digital Fragility: What’s on the RIM Horizon for 2020

ARMA International

Nineteen percent of RIM programs report into IT (up from 15% in 2017), and 28% into legal (up from 18.5% in 2017), with the remainder reporting into senior administrative roles, compliance, corporate services, or finance teams. In 2017, only 25% of respondents reported they had re-organized their programs.

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An Approach to Cybersecurity Risk Oversight for Corporate Directors

Data Matters

A high-profile cyber incident may cause substantial financial and reputational losses to an organization, including the disruption of corporate business processes, destruction or theft of critical data assets, loss of goodwill, and shareholder and consumer litigation. Aligning cyber risk with corporate strategy.

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U.S. Warns of Threat to Financial Industry Posed by North Korean Cyberattacks

Data Matters

Foreign financial institutions risk secondary sanctions for engaging in the same. Further, awareness raising will promote adoption and implementation of preventive and risk mitigation measures. The Advisory recommends that financial institutions take independent steps to protect against the North Korean cyber threat.

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New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process

Hunton Privacy

As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. billion were made under property/casualty policies that were silent about cyber risks.