On February 24, 2023, the Cyberspace Administration of China (“CAC”) released its final version of the Standard Contract Measures for Exporting Personal Information (“Standard Contract Measures”), accompanied by a template contract outlining the standard contractual clauses (the “PIPL SCCs”). The Standard Contract Measures are effective June 1, 2023, however, organizations transferring personal information outside of […]
NYDFS Releases Significant Enhancements to its Cybersecurity Regulation in the Proposed Second Amendment
The New York Department of Financial Services (“DFS”) released their proposed second amendment to the Cybersecurity Regulation, 23 NYCRR Part 500 (“Proposed Second Amendment”) on October 9, 2022. DFS issued a minor amendment on April 2, 2020, revising the certification of compliance date (from February to April). The Proposed Second Amendment follows DFS’s “pre-proposed” draft […]
FTC Takes Action Against Ed Tech Provider for Failure to Secure Student’s Personal Information
On October 31, 2022, the Federal Trade Commission (FTC) announced it has taken action against education technology provider Chegg Inc. (“Chegg”) for its “careless” cybersecurity practices that exposed sensitive personal information of millions of its customers and employees. This action highlights the FTC’s continued efforts to aggressively protect consumer personal data. The FTC’s complaint alleges […]
NYDFS Announces Significant Cybersecurity Settlement with EyeMed Vision Care
On October 18, 2022, EyeMed Vision Care LLC (“EyeMed”) entered into a Consent Order with the New York Department of Financial Services (“DFS”) relating to a cybersecurity event from 2020 that exposed consumer nonpublic information (“NPI”) to an unauthorized individual. EyeMed agreed to pay DFS a $4.5 million penalty, in addition to implementing mandatory remediation […]
CSBS Releases Cybersecurity Programs to Help Nonbank Financial Services Institutions Improve Cybersecurity Posture
On August 9, 2022, the Conference of State Bank Supervisors (CSBS) released two cybersecurity tools for nonbank financial services institutions to help prepare for state cybersecurity exams and, ultimately, improve cybersecurity maturity. Developed by a multi-state team of cybersecurity examination experts, the Baseline Nonbank Cybersecurity Exam Program and the Enhanced Nonbank Cybersecurity Exam Program (the […]