As the decade comes to a close, new technologies are having a major impact on how insurance industry participants conduct their operations – especially how they collect, process, analyze, store and disseminate vast amounts of data – as well as how they interact with those with whom they do business. In recent years, blockchain technology
President Trump Launches AI Strategy for Federal Government
On February 11, 2019, President Trump signed an “Executive Order on Maintaining American Leadership in Artificial Intelligence” (the “Order”) and, in doing so, set out a high-level strategy to strengthen the leadership position that the United States has maintained in AI. Important for companies, the Order sets off a number of opportunities for the private
CFPB Financial Data Principles: Whose Data Is It Anyway?
Bylined article by partners David Beam, Jonathan Jaffe, Jeff Taft and Kendall Burman. Partners Laurence E. Platt, Rajesh De and Stephen Lilley, and associates Matthew Bisanz and James K. Williams also contributed to this article.
Whose Data Is It? CFPB Releases Consumer Protection Principles for Consumer-Authorized Financial Data Sharing and Aggregation
A new generation of fintech providers is offering products that allow customers to access and aggregate information about accounts at other financial institutions that have no relationship with the fintech provider, raising new questions around the privacy, security and accuracy of consumer financial data, as well as concerns around improper payment authorization and consumer dispute
Cybersecurity: NY Adopts Final Regulations for Banks, Insurance Businesses and Other Financial Services Institutions
On February 16, 2017, the New York State Department of Financial Services (“NYDFS”) finalized regulations that mandate cybersecurity standards for all institutions authorized by NYDFS to operate in New York, including many banks, insurance entities and insurance professionals doing business in New York. The final regulations, titled “Cybersecurity Requirements for Financial Services Companies,” implement a
New York Releases Proposed Cybersecurity Regulations Affecting Banks, Insurers and Other Financial Services Firms
The New York State Department of Financial Services (“DFS”) on September 13, 2016, proposed regulations, to be effective as of January 1, 2017, that would mandate cybersecurity standards for any entity authorized by DFS to operate in New York, including certain banks and insurance companies doing business in New York. The proposed “Cybersecurity Requirements
US Consumer Financial Protection Bureau Brings First Data Security Enforcement Action
On March 2, 2016, the Consumer Financial Protection Bureau (Bureau) undertook its first data security enforcement action in a consent order against Dwolla, Inc., a payment network provider that allegedly made deceptive representations about its data security practices. Although in this matter the Bureau relied upon its authority to take action against “deceptive” practices, the