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Financial Privacy

Virginia Amends Data Breach Notification Law

October 19, 2017 By Adria Moshe and Privacy, Cyber & Data Strategy Team

Virginia amended the state’s data breach notification law, effective July 1, 2017, to expand notification requirements for employers and payroll service providers to data breaches that involve “unauthorized access and acquisition of unencrypted and unredacted computerized data containing a [Virginia] taxpayer’s identification number in combination with the income tax withheld for that taxpayer. . . […]

Filed Under: Cybersecurity, Data Breach, Data Protection, Data Security, Enforcement, Financial Privacy, Legislation, Security Breach, Workplace Privacy Tagged With: Data Breach Notification, US State Law

Bank Regulators Issue Advanced Notice of Proposed Rulemaking on Cyber Risk Governance and Management Regulations

October 31, 2016 By Privacy, Cyber & Data Strategy Team

More regulators (apart from the FTC) are now taking note of cybersecurity issues in the financial services industry and are taking steps to protect the industry and its consumers. Earlier this year, the Consumer Financial Protection Bureau (“CFPB”) issued its first enforcement action on data security against an online payment system.   In June, the Federal […]

Filed Under: Cyber Risk, Cybersecurity, Financial Privacy Tagged With: Consumer Financial Protection Bureau (“CFPB”)

D.C. Circuit Holds CFPB is Unconstitutionally Constructed; Removes For-Cause Removal Protection from CFPB Director

October 17, 2016 By Privacy, Cyber & Data Strategy Team

On Tuesday, October 11, 2016, the D.C. Circuit Court issued its opinion in PHH Corp. v. Consumer Financial Protection Bureau, holding that the Consumer Financial Protection Bureau (CFPB) was unconstitutionally structured. In the majority opinion, Judge Kavanaugh described the position of CFPB Director as, in terms of unilateral authority, “the single most powerful official in […]

Filed Under: Data Protection, Enforcement, Financial Privacy Tagged With: CFPB

FTC PrivacyCon Event Examines Cutting-Edge Research and Current Policies Regarding Privacy and Data Security

January 21, 2016 By David Caplan and Kimberly Chemerinsky

The Federal Trade Commission held its PrivacyCon event, featuring nineteen presentations showcasing original research regarding important consumer privacy and security issues by leading academics from universities and think tanks from around the world. A full video recording of the webcast is available here. The conference took place in Washington on Jan. 14, 2016, and included […]

Filed Under: Data Protection, Enforcement, Events, Financial Privacy, Health Privacy, Mobile Privacy, Online Privacy, Privacy, Privacy Policy, Regulation

FFIEC Warns of Increase in Cyber Attacks Involving Extortion, Encourages Financial Institutions to Develop Response Programs

November 10, 2015 By Privacy, Cyber & Data Strategy Team

Last week, the Federal Financial Institutions Examination Council (FFIEC) issued a joint statement warning of an “increasing frequency and severity of cyber attacks involving extortion.” The statement warned that criminals have been extorting financial institutions using a variety of tactics, including denial of service attacks, theft of sensitive information, and use of “ransomware,” which is […]

Filed Under: Cyber Risk, Cybercrime, Data Breach, Data Protection, Enforcement, Financial Privacy, Regulation, Security Breach

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