This month, the Illinois Department of Insurance issued guidance to insurers recommending assessments in response to a Microsoft Exchange vulnerability, detailed in the guidance. In the Bulletin dated May 5, the Department encourages regulated entities to “assess the risk to their systems and consumers and take steps necessary to address vulnerabilities and customer impact.” The […]
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Swire Report Addresses EU Data Localization Comments, Portuguese Order Restricting U.S. Data Flow
In November, the European Data Protection Board (EDPB) issued draft guidance regarding transfers of personal data from the European Union. That guidance has prompted nearly 200 comments from companies, trade groups, and interested observers. Senior Counsel Peter Swire, along with co-author DeBrae Kennedy-Mayo, has now published a report reviewing these comments through the Cross Border […]
Department of Labor Issues Cybersecurity Guidelines
On April 14, 2021, the U.S. Department of Labor announced new cybersecurity guidance for plan sponsors, plan fiduciaries, record-keepers, and plan participants. The guidance is specifically “directed at plan sponsors and fiduciaries regulated by the Employee Retirement Income Security Act, and plan participants and beneficiaries” and is intended to mitigate cybersecurity risks to pension plans […]
NYDFS Announces Cybersecurity Settlement, Addresses Multi-Factor Authentication Rules
On April 14, 2021, the New York Department of Financial Services (“NYDFS”) announced a settlement with National Securities Corporation (“National Securities”), a licensed insurer, in connection with claims under the NYDFS Cybersecurity Regulation (23 NYCRR Part 500). The consent order requires payment of a $3M penalty and mandatory remediation in response to alleged failures to […]
NYDFS Reports Major Cybersecurity Settlement
In early March, the New York Department of Financial Services (NYDFS) announced a settlement involving a $1.5M penalty and mandatory remediation in response to a mortgage lender’s alleged failure to report a cyber breach, and other alleged cybersecurity failures. This enforcement action marks the second public enforcement action under 23 NYCRR Part 500 (the “Cybersecurity […]