Recently, the New York Department of Financial Services (“DFS”) issued two memoranda addressing the ongoing increase in cyberattacks.  The first recent guidance provides best practices for insurance entities with regard to cyber insurance.[1]  The second guidance deals with the surge in benefits fraud that has been ongoing since the beginning of the COVID-19 pandemic, with directions on how regulated entities can best secure data.[2]
Continue Reading New York Department of Financial Services Issues New Guidance on Cyber Threats

Last month, the Financial Services Information Sharing and Analysis Center[1] (“FS-ISAC”) warned financial services companies, and particularly smaller firms, of a substantial increase in attempted cyberattacks since the start of the COVID-19 pandemic.  In particular, cyber-attacks targeted at bank employees rose in the first quarter of 2020.  As of early April, FS-ISAC had also identified over 1,500 fraudulent or phishing websites designed to look like pandemic-related lending or financial support programs to deceive visitors into disclosing sensitive personal information.
Continue Reading FS-ISAC Warns that Cyberattacks Against Financial Services Firms Increased Substantially in Response to COVID-19 Mitigation Efforts