The New York Department of Financial Services (NYDFS) continues to refine its position regarding the importance of and requirements regarding Multi-Factor Authentication (MFA), as evidenced most recently with the release of new guidance. This new guidance is consistent with its June guidance, in which NYDFS clarified its expectation that NYDFS-regulated covered entities subject to 500.12 […]
Search Results for: Cybersecurity Regulation
California Federal Court Dismisses Data Security-Related Securities Fraud Class Action
A California federal court has dismissed a putative securities fraud class action alleging that a large title insurer that disclosed a data security incident in May 2019 made false and misleading statements related to its data security practices and the incident. The dismissal follows the June 2021 settlement of a related Securities & Exchange Commission […]
Securities Class Actions Filed Against Three Chinese Tech Titans After Announcement of Cyber-Related Investigations
In early July, investigations by a Chinese cybersecurity regulatory agency, the Cyberspace Administration of China (“CAC”), into at least three China-based technology companies—DiDi Global Inc. (“DiDi”), Full Truck Alliance Co. Ltd. (“FTA”), and Kanzhun Limited (“Kanzhun”)—were purportedly revealed weeks after each conducted a substantial initial public offering (“IPO”) on a United States stock exchange. These […]
SEC Settles Enforcement Action for Disclosure Controls Violations Stemming from Data Security Incident
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 […]
Financial Regulatory Agencies Announce Proposed Rule Requiring Notice of Computer Security Incidents
On December 18, 2020, federal financial regulatory agencies jointly announced a proposed rule that would impose new and expanded reporting requirements on supervised banking organizations that experience a “computer-security incident,” requiring notice within 36 hours of any computer-security incident that rises to the level of a “notification incident.” In a significant departure from current reporting […]