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 […]
Cyber Risk
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 […]
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 […]
Alston & Bird Analyzes New California Privacy Rights Act in Client Alert
Yesterday, California voters approved a ballot initiative containing the California Privacy Rights Act of 2020. The ballot initiative significantly revises the existing California Consumer Privacy Act to create arguably the most comprehensive state privacy law in the United States. Alston & Bird has now issued a client alert explaining key impacts of this law. The […]
State Financial Regulators Issue Ransomware Mitigation Tool
On October 13, 2020, state financial regulators in partnership with the Bankers Electronic Crimes Taskforce and the U.S. Secret Service, released the Ransomware Self-Assessment Tool (R-SAT) to help financial institutions mitigate the risks of ransomware. The R-SAT is a detailed questionnaire designed to evaluate the effectiveness of an institution’s general security controls as well as […]