The New York State Department of Financial Services recently issued guidance for New York-regulated property and casualty insurers to effectively manage the cyber insurance risk present in their insurance portfolio. The DFS’ guidance signals an effort to reduce overall volatility in the cyber insurance market, which has been compounded by […]
The New York Department of Financial Services recently initiated its first action to enforce the department’s cybersecurity regulation. The regulation has been in effect since March 1, 2017 and applies to all financial institutions regulated by the NY DFS.
Companies are working hard to balance the privacy of their employees and the need to keep employees informed and safe. Many have encouraged employees and visitors to report if they experience COVID-19 symptoms or have otherwise been exposed to the virus through travel or their communities. They have collected this […]
FTC Increasingly Looks to Public Companies’ SEC Disclosures for Privacy and Cybersecurity Enforcement Opportunities
While the FTC does not make its initial privacy and cybersecurity investigations public, there have been reports that the FTC has initiated an increasing number of privacy and cybersecurity-related enforcement actions following disclosures of privacy or cybersecurity incidents by public companies in their SEC filings.
UK ICO Cites Inadequate M&A Data Protection Due Diligence as a Factor in Proposing $125M Breach Fine
On July 9, 2019, the UK Information Commissioner’s Office (ICO) publicly announced its intent to impose a £99M (approximately $123M) GDPR fine on Marriott in connection with the discovery and notification of a data breach at Starwood. Among its justifications for the record fine, the ICO cited inadequate data protection […]
On December 28, 2018, the U.S. Department of Health and Human Services (“HHS”) released the “Health Industry Cybersecurity Practices (HICP): Managing Threats and Protecting Patients” publication (the “Cybersecurity Guidelines”), which provides voluntary cybersecurity practices designed to reduce security risks and improve security for various healthcare organizations. Specifically, the Cybersecurity Guidelines […]
On October 16, 2018, the Securities and Exchange Commission (SEC) issued an investigative report signaling its intent to use sections 13(b)(2)(B)(i) and (iii) of the Securities Exchange Act of 1934 (the “Exchange Act”) to pursue enforcement actions against public companies that fail to tailor their internal controls to evolving cyber […]
On August 3, 2018, Ohio Governor John R. Kasich announced that he signed Substitute Senate Bill 220 (“SB 220” or “Bill”) that, in part, affords a litigation “safe harbor” to covered entities that implement, maintain, and comply with specified cybersecurity programs. Covered entities, e.g., businesses, sued after a data breach […]