Eight years ago, on March 1, 2017, the New York Department of Financial Services enacted its landmark cybersecurity regulation covering financial services companies, 23 NYCRR Part 500, known as “Part 500.” Part 500 was the first state regulation to enumerate, in great detail, the elements of a cybersecurity program that a covered financial service company […]
Cybersecurity
UK Government Publishes Cyber Governance Code of Practice for Boards and Directors
On April 8, 2025, the UK government published the Cyber Code of Practice (the “Code”) to support board directors in governing cybersecurity risks. The Code is available online. The UK’s data protection regulator is actively investigating and, in some instances, fining companies for personal data breaches caused by cybersecurity issues. It is therefore more important […]
UK’s Data Protection Regulator fines a UK SaaS provider ~$4 million following a ransomware incident
On March 26, 2025, the UK data protection regulator (the Information Commissioner’s Office (“ICO”)) fined Advanced Computer Software Group Ltd (“Advanced”) £3.07 million (approximately $4 million). In 2022, Advanced suffered a ransomware incident that put the personal data of 79,404 people at risk. In its penalty notice, the ICO found that Advanced failed to implement […]
FCC Announces New National Security Unit Focusing on State-Sponsored Cyber Threats
On March 13, 2025, the Federal Communications Commission’s (“FCC”) Chairman Brendan Carr announced the creation of a Council on National Security (the “Council”) with Adam Chan serving as the Director. This new Council will be comprised of eight Bureaus and Offices within the FCC and will “leverage the full range of the Commission’s regulatory, investigatory, […]
Ransom Payments At A Historic Low According to Report
On February 4, 2025, Coveware, Inc. released its quarterly ransomware report for the fourth quarter of 2024, and identified that the percentage of victims paying ransoms fell to a historic low of 25%. While the average amount of a payment in Q4 2024 rose 16% quarter-over-quarter to $553,959, the median amount dropped a significant 45% […]