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Regulatory Update: NAIC Summer 2019 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Summer 2019 National Meeting (Summer Meeting) in New York City from August 3 to 6, 2019. The Summer Meeting was highlighted by the following activities. NAIC Considers Next Steps to Implement Revised Credit for Reinsurance Model Law and Regulation.

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GDPR fines are coming and here’s why

IT Governance

Stop us if you’ve heard this one before: organisations that fail to meet the requirements of the GDPR (General Data Protection Regulation) face fines of up to €20 million (about £17.3 The retailer was hit by a cyber attack in July 2017 but the damage wasn’t discovered for almost a year. million) or 4% of their annual global turnover.

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The Sainsbury Archive chooses Preservica to create new cloud-based digital archive

Preservica

Preservica’s active digital preservation platform selected to future-proof unique digital assets that document nearly 150 years of corporate, brand and retail history. The archive also houses culturally significant items like daily memos sent to Sainsbury’s store managers during WW2, and Family business papers. About Preservica.

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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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Weekly podcast: ICANN, DNS and DNSSEC; credential stuffing; passwords managers; and EDPS report

IT Governance

This week, we discuss ICANN’s warning about DNS attacks, the extent of credential stuffing attacks on the retail sector, password managers’ responses to recent research into security flaws, and the European Data Protection Supervisor’s annual report for 2018. Here are this week’s stories. data-protection.

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Financial Crimes Enforcement Network Issues New Frequently Asked Questions on Customer Due Diligence Requirement

Data Matters

On April 3, 2018, the Financial Crimes Enforcement Network (FinCEN) issued new frequently asked questions (FAQs) regarding its customer due diligence rule (CDD Rule). These FAQs are timely because the May 11, 2018 compliance date for the CDD rule is fast approaching. FinCEN issued new FAQs on the CDD Rule on July 19, 2016.

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How to implement the General Data Protection Regulation (GDPR)

IBM Big Data Hub

The General Data Protection Regulation (GDPR), the European Union’s landmark data privacy law, took effect in 2018. Yet many organizations still struggle to meet compliance requirements, and EU data protection authorities do not hesitate to hand out penalties. Even the world’s biggest businesses are not free from GDPR woes.

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