On October 16, 2024, the New York Department of Financial Services (“NYDFS”) issued an industry letter covering Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks (the “Industry Letter”). The Industry Letter contains guidance for entities regulated by NYDFS (“Covered Entities”) in assessing and responding to cybersecurity risks related to the use […]
Board Governance & Cyber Risk Management
Green Light for the Enforcement of NIS 2 in Limited EU Countries Only
EU Member States had until today, October 17, 2024, to transpose the Network and Information Security (NIS) 2 Directive into their national laws. As Directives are not directly applicable in EU Member States, the EU legislator required all 27 Member States to incorporate into their local laws the requirements of NIS 2 and to make […]
EDPB Adopts Opinion on the Use of Processors and Sub-processors
On October 7, 2024, the European Data Protection Board (“EDPB”) adopted an opinion on obligations following from the use of processors and sub-processors (the “Opinion”). The EDPB is the body that seeks to ensure harmonised application of the EU GDPR across the European Economic Area (“EEA”) and is comprised of the heads of the data […]
DOJ Unseals Indictment of Evil Corp Member, While OFAC Announces New Evil Corp Sanctions
On October 1, 2024, the Department of Justice (“DOJ”) unsealed an indictment against Aleksandr Viktorovich Ryzhenkov (Александр Викторович Рыженков), a member of the ransomware group Evil Corp. The indictment charges Ryzhenkov with several violations of the Computer Fraud & Abuse Act, as well as conspiring to commit money laundering, arising from his use of a […]
Ransomware Activity Trends in Q2 2024
Ransomware attacks are hitting record highs in 2024 and show no sign of slowing down as new criminal groups enter the scene and employ a variety of evolving tactics. This post identifies key highlights of ransomware activity in 2024 so far. Multiple recent security reports have reported a significant increase in ransomware attacks claimed by […]