In March, the Federal Trade Commission announced proposed updates to two key privacy and security regulations, the Safeguards Rule and Privacy Rule. Both rules implement regulations under the federal Gramm Leach Bliley Act, and the FTC seeks comments for both. The FTC’s proposed update to the Safeguards Rule would impose a number of information security […]
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South Carolina Enacts Insurance Data Security Act
South Carolina recently enacted a prescriptive data security law for insurers. The law bears resemblance to the New York Department of Financial Services (NYDFS) cybersecurity rules that entered into force last year. In short, the South Carolina law requires licensees (defined below) to develop and implement a comprehensive written information security program (a “WISP”) and […]
Bank Regulators Issue Advanced Notice of Proposed Rulemaking on Cyber Risk Governance and Management Regulations
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 […]