What Happened? On December 13, 2022, the European Commission (the “Commission”) took a significant step towards the adoption of the EU-U.S. Data Privacy Framework (“DPF”). The DPF is a new framework designed to replace the EU-U.S. Privacy Shield (“Privacy Shield”), which was struck down by Court of Justice of the European Union in the Schrems […]
Data Protection
EU Standard Contractual Clauses (SCCs) Deadline is Looming
Companies relying on the SCCs as a data transfer tool have less than a month to update their existing contracts (if they haven’t done so already). WHAT HAPPENED? The EU General Data Protection Regulation (GDPR) allows companies that want to transfer personal data protected by the GDPR to third countries outside the EU/EEA to do […]
NYDFS Releases Significant Enhancements to its Cybersecurity Regulation in the Proposed Second Amendment
The New York Department of Financial Services (“DFS”) released their proposed second amendment to the Cybersecurity Regulation, 23 NYCRR Part 500 (“Proposed Second Amendment”) on October 9, 2022. DFS issued a minor amendment on April 2, 2020, revising the certification of compliance date (from February to April). The Proposed Second Amendment follows DFS’s “pre-proposed” draft […]
FTC Delays Effective Date of Certain Changes to the Safeguard Rule
On November 15, 2022, the Federal Trade Commission (FTC) announced that it is delaying the effective date of certain changes to the Gramm–Leach–Bliley Safeguards Rule. The Safeguards Rule, which first became operative in 2003, imposes certain security requirements on non-banking financial institutions. The FTC amended the Rule in December 2021, and several provisions under the […]
European Parliament Adopts “NIS2” Cybersecurity Directive
On November 10, 2022, the European Parliament adopted a new cybersecurity directive (the “NIS2 Directive”), which is designed to replace and repeal the existing EU Directive on the Security of Network and Information Systems (Directive 2016/1148/EC) (the “NIS Directive”). The objective of the NIS2 Directive is to achieve a higher level of cybersecurity within the EU […]