FCC Fines AT&T $25 Million for Privacy Violations
Posted on Apr 10, 2015 in Uncategorized | Comments Off on FCC Fines AT&T $25 Million for Privacy Violations
On April 8, the FCC imposed on AT&T its largest ever fine for data privacy violations. For 168 days, from November 2013 to April 2014, employees of a call center in Mexico, using computer systems maintained and operated by AT&T, accessed customer accounts to steal and sell cell phone handset unlock codes along with personal information needed to use the unlock codes. They sold...
President Issues Executive Order Establishing New Sanctions Regime to Combat Cyber Attack Threats
Posted on Apr 3, 2015 in Uncategorized | Comments Off on President Issues Executive Order Establishing New Sanctions Regime to Combat Cyber Attack Threats
On April 1, 2015, President Obama issued Executive Order 13694, which effectively establishes a new sanctions regime designed to combat cyber-attack threats. Specifically, this Executive Order grants authority to the Secretary of the Treasury, in consultation with the Attorney General and the Secretary of State, to impose sanctions on individuals and entities that are found to be...
Update on Cybersecurity Issues – New York Section 308 Letter & NAIC Spring National Meeting
Posted on Apr 3, 2015 in Financial Services | Comments Off on Update on Cybersecurity Issues – New York Section 308 Letter & NAIC Spring National Meeting
Update on Cybersecurity continues to be an emerging regulatory issue in the insurance industry, as evidenced by recent actions taken by the New York Department of Financial Services and the National Association of Insurance Commissioners. Specifically, in a letter dated March 26, the DFS followed up its February 2015 Report on Cybersecurity in the Insurance Sector by requesting...
Director McRaith Outlines FIO’s Cybersecurity Objectives
Posted on Mar 23, 2015 in Financial Services | Comments Off on Director McRaith Outlines FIO’s Cybersecurity Objectives
On March 17, Federal Insurance Office (FIO) Director Michael McRaith outlined FIO’s main cybersecurity objectives for the insurance industry at Networks Financial Institute’s 11th Annual Insurance Public Policy Summit in Washington, D.C. Speaking to an audience that included insurance industry professionals and lobbyists, McRaith detailed the objectives as follows: Support the...
NAIC Amps Up Cybersecurity Oversight
Posted on Mar 18, 2015 in Financial Services | Comments Off on NAIC Amps Up Cybersecurity Oversight
The NAIC has begun its efforts to amp up state insurance department oversight of cybersecurity practices with the release of two documents for public comment. The first, entitled Principles for Effective Cybersecurity Insurance Regulatory Guidance, is a document listing 18 principles for effective regulatory guidance regarding the protection of the insurance sector’s data security and...
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