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Security Breach

Key Takeaways from OFAC’s Updated Ransomware Advisory

September 23, 2021 By Kim Peretti and Lance Taubin

On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an “Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments.” While this advisory explicitly supersedes OFAC’s previous ransomware advisory from October 2020, it does not fundamentally alter OFAC’s approach towards ransom payments.  Like the prior guidance, OFAC’s […]

Filed Under: Data Breach, Ransomware, Security Breach

SEC Settles Enforcement Action for Disclosure Controls Violations Stemming from Data Security Incident

June 15, 2021 By Kate Hanniford

The SEC has settled an enforcement action against a large title insurer in connection with public statements and disclosures made by the company in May 2019 relating to a data security incident.  The underlying data security incident was the subject of the first set of charges brought by the New York Department of Financial Services […]

Filed Under: Cyber Risk, Enforcement, Security Breach

New York and Illinois Regulators Recommend Third Party Cybersecurity Review For Specific Vulnerabilities

May 21, 2021 By James Harvey and Privacy, Cyber & Data Strategy Team

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 […]

Filed Under: Cyber Risk, Cybercrime, Cybersecurity, Data Breach, Data Protection, Data Security, Digital Crimes, Enforcement, Financial Privacy, Insurance Data Security, NYDFS, Regulation, Security Breach, Supply Chain

NYDFS Issues Report on the SolarWinds Attack and Covered Entities’ Responses

April 29, 2021 By Kate Hanniford

Following the SolarWinds cyber espionage attack (the “Attack”) and the resulting focus on supply chain risk, the New York Department of Financial Services (NYDFS) has issued a report detailing the impact on and responses by its regulated covered entities to the Attack.  Although there have been no reported instances of active exploitation of DFS-regulated companies […]

Filed Under: Cyber Espionage, NYDFS, Security Breach, Supply Chain Tagged With: Supply Chain, Third Party Risk

FBI Releases IC3 2020 Internet Crime Report Showing Record Increase in Cybercrime

April 28, 2021 By Alysa Austin

The FBI’s Internet Crime Complaint Center (“IC3”) recently released its annual report, the 2020 Internet Crime Report (“Report”), which gathers statistics from nearly 800,000 complaints of suspected cybercrimes that the department received in 2020. This is a record number of complaints—a 69% increase from 2019—with reported losses exceeding $4.2 billion. According to the FBI, the […]

Filed Under: Cyber Risk, Cybercrime, Cybersecurity, Digital Crimes, Security Breach

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Recent Posts

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