New York’s new cybersecurity regulations (the “Regulations”) become effective on August 28, 2017, marking a significant milestone in what is likely to be a new era in cybersecurity regulation on both a national and international level.
SEC Issues Risk Alert Based on Cybersecurity Survey
The Securities Exchange Commission (“SEC”), Office of Compliance Inspections and Examinations (the “OCIE”), published a Risk Alert describing its findings from its second cybersecurity survey of regulated entities (the “Cybersecurity 2 Initiative”).
D.C. Court Issues Significant Data Breach Decision
On August 1, 2017, the United States Court of Appeals for the D.C. Circuit held that policyholders of the health insurer CareFirst had standing to sue the company after their information was compromised during a cyberattack.
Mitigate Litigation and Regulatory Exposure From Cyber-Attacks
Late last month, Target Corporation reached an $18.5 million settlement with the Attorneys General of 47 states and the District of Columbia, resolving the AGs’ investigation into Target’s 2013 data security breach.
Target’s recent settlement, when viewed in conjunction with other recent developments, provides a roadmap for prophylactic measures that companies may implement to limit
New York Cybersecurity Regulations for Financial Institutions Enter Into Effect
On March 1, 2017, the New York Department of Financial Services’ Cybersecurity Regulations entered into effect.
New York Proposes First-of-its-Kind Cybersecurity Regulation
On September 13, 2016, the New York Department of Financial Services issued the first comprehensive state regulatory proposal to address cybersecurity.