NYDFS Cybersecurity Regulations Nearly Fully Effective
Posted on: 15 Feb 2019
The February 15, 2019 NYDFS compliance certification deadline represents the last annual compliance certification subject to the transition period for covered entities to come into compliance with the cybersecurity regulations. NYDFS now expects covered entities to certify as to their compliance with all but one provision of the cybersecurity regulations which relates to the implementation of third party service provider security policies and procedures. This 2019 compliance certification is the first certification to cover compliance with the provisions relating to audit trail, application […] Read more
HHS Releases New “Health Industry Cybersecurity Practices”
Posted on: 08 Jan 2019
On December 28, 2018, the Department of Health and Human Services (HHS) issued new voluntary cybersecurity guidance for the health care industry titled, “Health Industry Cybersecurity Practices: Managing Threats and Protecting Patients.” This four-volume set of consensus-based principles and practices (the “HICP”) reflects the recommendations of the 405(d) Task Group, a HHS and industry-led collaborative task group named for Section 405(d) of the Cybersecurity Act of 2015, a provision that calls for a more coordinated approach to cybersecurity in the health care industry. The HICP […] Read more
Michigan Enacts Insurance Data Security Model Law
Posted on: 07 Jan 2019
Michigan enacted the Michigan Data Security Act on December 28, 2018, imposing stringent cybersecurity measures on any person (individual or corporate) licensed by the Michigan Department of Insurance and Financial Services. Based on the 2017 NAIC data security model law and nearly identical to the South Carolina Insurance Data Security Act, the Michigan statute will require insurance licensees to adopt a number of measures including a comprehensive written information security program (“WISP”), the submission of an annual certification of compliance to the Department of Insurance and Financial […] Read more
SEC Investigative Report Cautions Public Companies to Consider Cyber Threats When Implementing Internal Accounting Controls
Posted on: 22 Oct 2018
The Securities and Exchange Commission issued an investigative report last week cautioning public companies to consider cyber incidents and threats when implementing internal accounting controls. The report details the SEC Enforcement Division’s investigations of nine public companies that were victims of cyber-related fraud schemes to determine whether the companies may have violated the federal securities laws by failing to maintain a sufficient system of internal accounting controls. Based on the investigations, the report concludes that public companies’ internal accounting controls […] Read more
NYDFS Cybersecurity Requirements Compliance Deadline Nears for Key Provisions
Posted on: 16 Aug 2018
September 4, 2018 marks the end of the transitional period for covered entities to comply with several key provisions of the NYDFS Cybersecurity Requirements that require certain systemic and sustained measures. These provisions include the encryption and audit trail requirements as well as ones relating to the implementation of monitoring policies, procedures, and controls, application security, and data retention limitations. Encryption (500.15): The regulation requires covered entities to encrypt Nonpublic Information held or transmitted by a covered entity both in transit over external […] Read more
LabMD: The End of the FTC in Cyber or Just a New Path?
Posted on: 12 Jul 2018
The U.S. Court of Appeals for the Eleventh Circuit recently issued its opinion in LabMD, Inc. v. FTC, No. 16-16270 (11th Cir. June 6, 2018), declaring unenforceable a Federal Trade Commission (FTC) order requiring LabMD to implement an extensive cybersecurity plan. The case is noteworthy for its lengthy procedural background—during which time LabMD became defunct—and its holding, which has called into question the FTC’s authority to impose wide-ranging, comprehensive cybersecurity plans. The LabMD matter dates to 2005, when LimeWire file sharing software was installed on a company computer, […] Read more
Colorado Enacts Expanded Data Breach Notification Law
Posted on: 05 Jun 2018
Consistent with recent expansions to state data breach notification laws, Colorado recently enacted an expanded data privacy law that strengthens the state’s existing breach notification law and that requires policies and procedures concerning the protection and destruction of personal identifying information (“PII”). The law applies to any individual or commercial entity that maintains, owns, or licenses “personal information” or PII, as applicable, in the course of its business, vocation, or occupation, and also contains largely identical provisions that apply to state and local governments. […] Read more