Hunton Privacy

JUNE 9, 2022

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”). On May 27, 2022, Vermont Governor Phil Scott signed H.515 Information Security Program Requirements. Enforcement and Penalties Under the Law.

Insurance 107

Insurance Security Information Security Cybersecurity 107

The Last Watchdog

JANUARY 30, 2019

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.

Risk 147

Risk Financial Services Insurance Cybersecurity 147

eSecurity Planet

FEBRUARY 11, 2022

Risk management is a concept that has been around as long as companies have had assets to protect. The simplest example may be insurance. Life, health, auto, and other insurance are all designed to help a person protect against losses. What is Cybersecurity Risk Management? Setting Up Your Risk Management System.

Risk 130

Risk Cybersecurity Encryption Access 130

Data Matters

FEBRUARY 20, 2019

On January 18, 2019, the New York State Department of Financial Services (NYDFS) issued Circular Letter 2019-1 (the Circular Letter), addressing insurers’ use of external consumer data and information sources in underwriting for life insurance. Unlawful Discrimination.

Insurance 68

Insurance Financial Services Compliance Retail 68

Thales Cloud Protection & Licensing

JANUARY 16, 2024

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.

Financial Services 83

Financial Services Cloud Cybersecurity Encryption 83

Krebs on Security

NOVEMBER 19, 2021

In reality, the fraudster initiates a transaction — such as the “forgot password” feature on the financial institution’s site — which is what generates the authentication passcode delivered to the member.

IT 363

IT Passwords Authentication Phishing 363

Hunton Privacy

DECEMBER 4, 2023

On November 28, 2023, the New York Department of Financial Services (“NYDFS”) announced that First American Title Insurance Company (“First American”), the second-largest title insurance company in the United States, would pay a $1 million penalty for violations of the NYDFS Cybersecurity Regulation in connection with a 2019 data breach.

Financial Services 64

Financial Services Insurance Data breaches Cybersecurity 64

Data Protection Report

DECEMBER 5, 2024

Threat actors targeted online auto insurance quoting applications, obtaining Nonpublic Information (“NPI”) such as driver’s license numbers and dates of birth, which were then used to file fraudulent unemployment claims during the COVID-19 pandemic. In total, the two insurers agreed to pay $11.3 million for the first insurer, and $1.55

Insurance 75

Insurance Cybersecurity Risk Encryption 75

IBM Big Data Hub

DECEMBER 1, 2023

Insurers struggle to manage profitability while trying to grow their businesses and retain clients. Large, well-established insurance companies have a reputation of being very conservative in their decision making, and they have been slow to adopt new technologies.

Insurance 96

Insurance Digital transformation Customer Experience Cloud 96

Data Protection Report

FEBRUARY 2, 2024

On January 17, 2024 the New York Department of Financial Services (“NYDFS”) published a Proposed Insurance Circular Letter (“Proposed Circular”) regarding the use of artificial intelligence systems (“AIS”) and external consumer data and information sources (“ECDIS”) in insurance underwriting and pricing.

Insurance 78

Insurance Artificial Intelligence Risk Compliance 78

IBM Big Data Hub

JANUARY 16, 2024

The start of 2024 brings forth many questions as to what we can expect in the year ahead, especially in the financial services industry, where technological advances have skyrocketed and added complexities to an already turbulent landscape. One example of this is in insurance.

Financial Services 48

Financial Services Customer Experience Cloud Digital transformation 48

Data Protection Report

OCTOBER 17, 2024

On October 16, 2024, the New York Department of Financial Services (“NYDFS” or “DFS”) issued guidance raising awareness about combatting cybersecurity risks arising from artificial intelligence (“AI”) used by DFS licensees, such as insurers and virtual currency businesses. Confidential Business Information.

Artificial Intelligence 56

Artificial Intelligence Financial Services Risk Cybersecurity 56

Data Matters

AUGUST 19, 2020

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.

Financial Services 68

Financial Services Cybersecurity Insurance Risk 68

Thales Cloud Protection & Licensing

OCTOBER 14, 2024

2024 Thales Global Data Threat Report: Trends in Financial Services madhav Tue, 10/15/2024 - 05:17 Financial services (FinServ) firms are key players in the global economy. Nearly two-thirds (64%) of FinServ said it’s more complex to secure data in the cloud than on-prem, compared to 55% of general respondents.

Financial Services 62

Financial Services Cloud Compliance Authentication 62

The Last Watchdog

AUGUST 22, 2019

Consider that it was a misconfigured open-source Web Application Firewall , running on Amazon Web Services, that gave a former Amazon IT staffer a path to crack into this financial services giant. The massive transformation that’s happening right now introduces a lot of risk. it’s almost a perfect storm.

Digital transformation 147

Digital transformation Compliance Risk Security 147

Hunton Privacy

FEBRUARY 25, 2021

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.

Insurance 70

Insurance Cybersecurity Risk Education 70

The Last Watchdog

MAY 24, 2021

billion hitting financial services organizations — an increase of more than 45 percent year-over-year in that sector. billion web app attacks last year, with more than 736 million targeting financial services. billion web attacks globally; 736 million in the financial services sector. A: Everything.

Financial Services 178

Financial Services Passwords Data breaches Authentication 178

The Last Watchdog

SEPTEMBER 24, 2024

This drives public awareness of the risks associated with identity theft. As a result, many people rush to protect themselves by subscribing to services that offer credit monitoring, identity theft protection, and fraud alerts. There is little doubt that high-profile breaches like this will persist.

Authentication 216

Authentication IT ROT Compliance 216

The Last Watchdog

MARCH 1, 2019

This, in short, is the multi-headed hydra enterprises must tame in order to mitigate rising cyber risks. But in today’s environment, identifying and assessing risk – and taking corrective action — requires a more disciplined, case-management approach. Smart money. LW: What key innovations does Syncurity bring to the table?

Digital transformation 193

Digital transformation Marketing Analytics Risk 193

Security Affairs

JANUARY 17, 2022

.” The CPU will address critical vulnerabilities in Oracle Essbase, Graph Server and Client, Secure Backup, Communications Applications, Communications, Construction and Engineering, Enterprise Manager, Financial Services Applications, Fusion Middleware, Insurance Applications, PeopleSoft, Support Tools, and Utilities Applications.

Communications 126

Communications Financial Services Big data Retail 126

Data Matters

JANUARY 28, 2022

Other government agencies, like the New York Department of Financial Services and the Federal Trade Commission, are also increasingly focused on the need for broad implementation of MFA. MFA was also expressly named by both Microsoft and Mandiant as one of the most important recommendations to mitigate risk.

Cybersecurity 157

Cybersecurity Financial Services Authentication Government 157

John Battelle's Searchblog

JANUARY 26, 2015

Ever since writing Living Systems and The Information First Company last Fall, I’ve been citing Earnest , the financial services startup, as a poster child for what I mean by an “information-first” company. But I figured the company was up to more than just a cheaper insurance product. Simple, no?

Insurance 102

Insurance Data science Customer Experience Financial Services 102

IBM Big Data Hub

MARCH 27, 2024

As businesses make plans to mitigate climate risks such as extreme weather events, they have an opportunity to innovate with new business models and demonstrate leadership by implementing more sustainable practices. What is climate risk? Substantial repair costs might arise, particularly impacting insurance companies.

Risk 60

Risk Artificial Intelligence Agriculture Financial Services 60

eSecurity Planet

SEPTEMBER 16, 2022

Businesses are also at risk of fraud attempts. Best Fraud Management Systems & Detection Tools Fraud.net SAS LexisNexis Risk Solutions Sift ClearSale Forter Riskified Signifyd FraudLabs Pro TransUnion. Finally, it also is useful for companies looking for a governance, risk, compliance ( GRC ) solution. million in losses.

Analytics 112

Analytics Risk Authentication Financial Services 112

eSecurity Planet

SEPTEMBER 21, 2024

Let’s explore what to expect from the upcoming regulations, provide insights into critical federal and state laws, and offer practical compliance and risk management strategies. These laws aim to establish standards for securing data, ensuring privacy, and mitigating risks associated with digital information.

Cybersecurity 114

Cybersecurity Computer and Electronics Compliance Privacy 114

The Last Watchdog

MARCH 26, 2019

Pick any company in any vertical – financial services, government, defense, manufacturing, insurance, healthcare, retailing, travel and hospitality – and you’ll find employees, partners, third-party suppliers and customers all demanding remote access to an expanding menu of apps — using their smartphones and laptops.

Security 145

Security Digital transformation Financial Services Risk 145

Reltio

JUNE 9, 2022

The insurance industry is facing unprecedented disruption. Insurance carriers have been called to transform customer experience, business offerings, and operations. As an insurer, your current business models are being challenged by new thinking, new competitors, and new ways of working.

Digital transformation 52

Digital transformation Insurance Customer Experience MDM 52

Krebs on Security

OCTOBER 24, 2019

based Cachet threw much of its customer base into disarray when it said its bank was no longer willing to risk another MyPayrollHR debacle, and that customers would need to wire payroll deposits instead of relying on the usual method of automated clearinghouse (ACH) payments (essentially bank-to-bank checks). But on Oct. But on Oct.

Communications 172

Communications Financial Services Insurance Risk 172

eSecurity Planet

AUGUST 9, 2022

See the Top Governance, Risk and Compliance (GRC) Tools. are subject to laws such as the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health Act (the HITECH Act), as well as regulations such as the Clinical Laboratory Improvements Amendments (CLIA).

Data Privacy 143

Data Privacy Compliance Privacy Security 143

Data Protection Report

JUNE 2, 2021

On May 13, 2021, the New York Department of Financial Services (NYDFS) announced a $1.8 million settlement with two related insurance companies, relating to violations of two different requirements of the NYDFS cybersecurity regulation during the period 2018 to 2019. Comprehensive cybersecurity risk assessment.

Cybersecurity 71

Cybersecurity Insurance Financial Services Phishing 71

erwin

APRIL 11, 2019

Some industries, such as healthcare and financial services, have been subject to stringent data regulations for years: GDPR now joins the Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry Data Security Standard (PCI DSS) and the Basel Committee on Banking Supervision (BCBS).

GDPR 100

GDPR Compliance e-Discovery Metadata 100

Security Affairs

JUNE 29, 2024

IMS specializes in providing business process outsourcing (BPO) and information technology (IT) services specifically tailored for the insurance and financial services industries. Infosys McCamish Systems (IMS) revealed that the 2023 data breach following the LockBit ransomware attack impacted 6 million individuals.

Data breaches 109

Data breaches e-Discovery Ransomware Insurance 109

Hunton Privacy

JULY 24, 2020

On Wednesday, July 22, the New York Department of Financial Services (the “NYDFS”) announced that it had filed administrative charges against First American Title Insurance Co. under the NYDFS Cybersecurity Regulation , marking the agency’s first enforcement action since the rules went into effect in March 2017. NYCRR 500.14(b):

Cybersecurity 85

Cybersecurity Risk Financial Services Insurance 85

Thales Cloud Protection & Licensing

OCTOBER 24, 2024

New Cybersecurity Rules for Financial Institutions in New York State Take Effect November 1, 2024 madhav Fri, 10/25/2024 - 06:09 The next major deadline for compliance with the updated cybersecurity rules from the New York State Department of Financial Services (NYDFS) is November 1, 2024.

Cybersecurity 62

Cybersecurity Financial Services Encryption Compliance 62

eSecurity Planet

JANUARY 21, 2021

Governance, risk, and compliance (GRC) software helps businesses manage all of the necessary documentation and processes for ensuring maximum productivity and preparedness. It includes multi-disciplinary risk and compliance management solutions and tools, including: IT & security risk management. Third-party risk management.

Compliance 58

Compliance Risk Government Retail 58

Hunton Privacy

NOVEMBER 8, 2023

On November 1, 2023, New York Governor Hochul announced that the New York State Department of Financial Services (“NYDFS”) amended its Cybersecurity Regulation applicable to covered financial institutions. Our previous blog post covered key proposed changes to the Cyber Regulation.

Cybersecurity 72

Cybersecurity Compliance IT Financial Services 72

Data Matters

AUGUST 17, 2021

On August 11, 2021, the Federal Financial Institutions Examination Council (FFIEC)1 issued guidance establishing risk management principles and practices to support the authentication of users accessing a financial institution’s information systems and customers accessing a financial institution’s digital banking services (the Guidance).

Authentication 88

Authentication Access Risk Information Security 88