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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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NEW TECH: This free tool can help gauge, manage third-party cyber risk; it’s called ‘VRMMM’

The Last Watchdog

Turn the corner into 2019 and we find Citigroup, CapitalOne, Wells Fargo and HSBC Life Insurance among a host of firms hitting the crisis button after their customers’ records turned up on a database of some 24 million financial and banking documents found parked on an Internet-accessible server — without so much as password protection.

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UK FCA Consults on Changes to Strong Consumer Authentication, Dedicated Interfaces, and Guidance on Payment Services

Data Matters

The FCA has provided new guidance for PIs and EMIs using the “insurance or comparable guarantee” method of safeguarding. This includes a requirement that the insurance policy or comparable guarantee must pay out for the full amount of any claim regardless of how the relevant insolvency event occurs (including if the firm is at fault).

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Ransomware Protection in 2021

eSecurity Planet

Ransomware frequently contains extraction capabilities that can steal critical information like usernames and passwords, so stopping ransomware is serious business. Only 38% of state and local government employees are trained for ransomware prevention, and only 29% of small businesses have experience with ransomware ( IBM ).

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New York Enacts Stricter Data Cybersecurity Laws

Data Matters

The Identity Theft Prevention and Mitigation Services Act. Spurred by Equifax’s 2017 data breach, the New York legislature also passed the Identity Theft Prevention and Mitigating Services Act.

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An Approach to Cybersecurity Risk Oversight for Corporate Directors

Data Matters

Increasingly, thought leaders, professional organizations, and government agencies are beginning to provide answers. Creating an enterprise-wide governance structure. More and more, directors are viewing cyber-risk under the broader umbrella of corporate strategy and searching for ways to help mitigate that risk. Principle 5.

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Top Cybersecurity Startups to Watch in 2022

eSecurity Planet

Open Raven analyzes data at rest, classifies inventory, and automates data governance as these become critical capabilities for the hybrid infrastructure’s security posture. Series A SenseOn 2017 London, UK 61 $26.4 Series A GitGuardian 2017 Paris, France 63 $56.0 Series A Isovalent 2017 Mountain View, CA 48 $29.0