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 […]
Board Governance & Cyber Risk Management
President Biden Issues Executive Order on America’s Supply Chains
On February 24, 2021, President Biden announced a new Executive Order on America’s Supply Chains. The Order provides for two key initiatives, including a 100-day review of the supply chains for certain vital products and a long-term review of supply chains in six different sectors of the U.S. economy, including the information and communications technology […]
European Commission Adopts Draft UK Adequacy Decision
On February 19, 2021, the European Commission adopted a draft ‘adequacy decision’ in favor of the UK. The adoption of the draft adequacy decision marks the first step in ensuring the continued free flow of personal data from EEA countries to the UK under the EU GDPR. Once (and if) the final adequacy decision is […]
NYDFS Issues Best Practices for Cyber Insurance Risk Management
Against the backdrop of the disruptions associated with the Covid-19 pandemic and SolarWinds cyber-espionage campaign, NYDFS has released guidance for insurers that underwrite cyber insurance policies and which contains a number of provisions expected to impact companies applying for or renewing cyber insurance coverage, not the least of which is a specific recommendation that insurers […]
Virginia Ready to Pass First State Privacy Statute after CCPA
Both houses of Virginia’s legislature recently passed the Virginia Consumer Data Protection Act (S.B. 1392; H.B. 2307) (the “VCDPA”). If approved by the state governor, the VCDPA would become the United States’ second comprehensive state privacy law behind the California Consumer Privacy Act (CCPA). The VCDPA is similar to the CCPA and the European Union’s […]