Exploring the evolution of cybersecurity and privacy law
The New York Department of Financial Services (NYDFS) has proposed revisions to its cybersecurity regulation for banks, insurance companies and other financial services companies. The proposal significantly expands requirements for covered entities, including new requirements for larger companies, expanded governance requirements, additional notice and compliance certification requirements and more.
In this one-hour webinar, members of…
On June 28, 2023, the New York Department of Financial Services (“NYDFS”) published updated proposed amendments to its cybersecurity regulation (the “2023 Proposal”) applicable to “covered entities.”1 Covered entities are any person operating under, or required to operate under, a license, registration, charter, certificate, permit, accreditation or similar authorization under the New York Banking…
Cybersecurity has become one of the biggest risks facing the financial services industry, and there have been extensive guidance and initiatives from US banking regulators to help ensure the safety of the institutions and the banking system. Some of the more recent regulatory requirements and other developments will have a significant impact on nonbank financial…
As cybersecurity and privacy risks mount, financial services companies face new concerns about compliance and enforcement as well as the risk of business interruption and costly litigation. In this Cybersecurity Awareness Month program, our lawyers will discuss the recent regulatory developments from the New York Department of Financial Services (NYDFS) that are presenting real-world challenges…
Mayer Brown partners Christian Fabian, Stephen Lilley and Lei Shen, located in the United States, focus on data privacy and cybersecurity issues in M&A transactions.
Our Global Insurance Industry Year in Review is now in its 10th year. In this report, we discuss developments and trends in insurance industry transactions over the past year, with a particular focus on mergers and acquisitions, corporate finance, insurtech, the insurance-linked securities and convergence markets, as well as tax, regulatory and litigation developments.
A…
On October 22, 2021, the New York Department of Financial Services (“NYDFS”) issued an interpretive letter that provides guidance on how entities regulated by NYDFS (“Covered Entities”) may comply with the NYDFS Cybersecurity Regulation by adopting the cybersecurity program of an affiliate (“Affiliate Program Letter”).1 According to the Affiliate Program Letter, a Covered Entity…
On March 5, 2019, the Federal Trade Commission (“FTC”) proposed a number of revisions to its Gramm-Leach-Bliley Act (“GLBA”) regulations, which would (i) change the Safeguards Rule to require financial institutions to implement specific information security controls (in a departure from the FTC’s current non-prescriptive approach to data security), (ii) update its GLBA Privacy Rule…
Cybersecurity and data privacy presented some of the most complex legal questions and business risks that multinational companies faced in 2018. Businesses should expect continued growth in cyber and data privacy challenges in 2019.
Cyber attacks became even more sophisticated and severe in 2018, with incidents ranging from exfiltration and extortion schemes, to attacks on…
The cybersecurity regulation (“CyberRegs”) adopted by the New York State Department of Financial Services (“NYDFS”) is almost two years old and will be fully in effect by March 2019. The CyberRegs has already had a broad impact on financial institutions that are authorized to engage in business in New York (“Covered Entities”). Furthermore, even for…
