This month, the Illinois Department of Insurance issued guidance to insurers recommending assessments in response to a Microsoft Exchange vulnerability, detailed in the guidance. In the Bulletin dated May 5, the Department encourages regulated entities to “assess the risk to their systems and consumers and take steps necessary to address vulnerabilities and customer impact.” The […]
Data Security
Executive Order Details Cybersecurity Changes For Public And Private Sector
In a lengthy Executive Order issued on May 12, 2021 (the “Order”), the Biden Administration has taken steps “to make bold changes and significant investments” in both public and private sector cybersecurity “in order to defend the vital institutions that underpin the American way of life.” The full scope of the Order remains to be […]
2021 Developments in State Cybersecurity Safe Harbor Laws
Only four months in and 2021 has already been a big year for state cybersecurity safe harbor legislation. Two states, Utah and Connecticut, have recently enacted or introduced a breach litigation safe harbor to incentivize businesses to protect personal information by adopting industry-recognized cybersecurity frameworks such as the National Institute of Standards and Technology’s (NIST) […]
NYDFS Announces Cybersecurity Settlement, Addresses Multi-Factor Authentication Rules
On April 14, 2021, the New York Department of Financial Services (“NYDFS”) announced a settlement with National Securities Corporation (“National Securities”), a licensed insurer, in connection with claims under the NYDFS Cybersecurity Regulation (23 NYCRR Part 500). The consent order requires payment of a $3M penalty and mandatory remediation in response to alleged failures to […]
NYDFS Reports Major Cybersecurity Settlement
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 […]