The New York Department of Financial Services Releases Potential New Cybersecurity Rules
Posted on Nov 13, 2015 in Financial Services | Comments Off on The New York Department of Financial Services Releases Potential New Cybersecurity Rules
On November 9, Anthony Albanese, Acting Superintendent of the New York Department of Financial Services (NYDFS), sent a letter to the 18 members of the Financial and Banking Information Infrastructure Committee that outlines key regulatory proposals that NYDFS is considering as new regulations to increase financial sector cybersecurity defenses. The letter is written to “help spark...
They’re Baaaack . . . SECs Office of Compliance Inspections and Examinations Releases New Cybersecurity Risk Alert
Posted on Sep 16, 2015 in Financial Services | Comments Off on They’re Baaaack . . . SECs Office of Compliance Inspections and Examinations Releases New Cybersecurity Risk Alert
Yesterday, the U.S. Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert describing OCIE’s 2015 cybersecurity exam initiative. [link to www.sec.gov/ocie/announcement/ocie-2015-cybersecurity-examination-initiative.pdf]. As the Risk Alert notes, OCIE’s new cybersecurity initiative builds on information OCIE learned from...
Sutherland and the Financial Services Institute Complete Benchmarking Survey on Cybersecurity Practices
Posted on Jul 15, 2015 in Financial Services | Comments Off on Sutherland and the Financial Services Institute Complete Benchmarking Survey on Cybersecurity Practices
WASHINGTON—Sutherland Asbill & Brennan LLP and the Financial Services Institute (FSI) have completed a survey of FSI members concerning cybersecurity issues. The survey included responses from 39 broker-dealers (92% of which were dually registered as investment advisers), ranging in size from fewer than 100 registered representatives to more than 2,000. The survey covered a variety...
Sutherland Conducts Extensive Cybersecurity Survey of Broker-dealers
Posted on Jun 18, 2015 in Financial Services | Comments Off on Sutherland Conducts Extensive Cybersecurity Survey of Broker-dealers
Sutherland attorneys Brian Rubin and Charlie Kruly, along with the Financial Services Institute (FSI), the trade association for independent contractor broker-dealers, recently conducted a survey of the cybersecurity practices of FSI members. The survey covered many aspects of cybersecurity governance, including vendor management, technical safeguards, and cybersecurity policies and...
Sutherland Partner Addresses Cybersecurity Concerns in TheStreet
Posted on Jun 16, 2015 in Financial Services, Government | Comments Off on Sutherland Partner Addresses Cybersecurity Concerns in TheStreet
Sutherland Partner Mary Jane Wilson-Bilik was recently quoted in TheStreet article “What Banks and the IRS Should Do to Prevent a Cyber 9/11” authored by Marguerite Arnold. In this article, Mary Jane addresses cybersecurity threats and the potential impact a large-scale cyberattack may have on critical infrastructure.
Recent Data Breach Insurance Coverage Decision: Court Holds Insurer Not Obligated to Cover Damages from Lost Tapes Containing Personal Information When No Evidence Tapes Were Read
Posted on May 22, 2015 in Financial Services | Comments Off on Recent Data Breach Insurance Coverage Decision: Court Holds Insurer Not Obligated to Cover Damages from Lost Tapes Containing Personal Information When No Evidence Tapes Were Read
The Connecticut Supreme Court recently issued an opinion confirming that a Commercial General Liability (CGL) policy’s personal or advertising injury coverage did not provide coverage for damages resulting from lost data storage tapes where the tapes contained personal identifying information, but the party seeking coverage could not show that the tapes had been accessed. Recall Total...
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