In a recent decision upholding the denial of a motion to compel arbitration, a panel of the Ninth Circuit provided new guidance about the formation of online contracts under California and New York law.1 The court held that, to place a consumer on inquiry notice of terms and conditions on a website, the website
New York
Data Privacy and Cybersecurity Issues in M&A Transactions
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.
NYDFS Clarifies Application of Cybersecurity Regulation to Covered Entities Adopting an Affiliate’s Cybersecurity Program
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…
US Federal Trade Commission Proposes Prescriptive Data Security Requirements and Other Updates to Its Gramm-Leach-Bliley Act Regulations
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…
5 Considerations for General Counsels Regarding the New York Cybersecurity Regulations
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…
Cybersecurity and Data Privacy: Navigating a Constantly Changing Landscape
The cybersecurity and data privacy landscape continues to change, creating significant new risks for businesses across economic sectors. New types of litigation are emerging, new regulatory regimes are entering into force, and new laws promise yet further compliance challenges in the future. At the same time, a wide range of threat actors are launching more…
NAIC Adopts Insurance Data Security Model Law
On October 24, 2017, the National Association of Insurance Commissioners (NAIC) adopted an Insurance Data Security Model Law. The NAIC Model Law builds on existing data privacy and consumer breach notification requirements by requiring insurance licensees to comply with detailed requirements regarding their information security program and responding to and giving notification of cybersecurity events.…
The New York State DFS Cybersecurity Regulation: Preparing for Compliance
Bylined article by Financial Services Regulatory & Enforcement partner Jeffrey Taft (Washington DC), Corporate & Securities partner Larry Hamilton (Chicago), Cybersecurity & Data Privacy partner Stephen Lilley (Washington DC) and Financial Services Regulatory & Enforcement associate Matthew Bisanz (Washington DC).
Cybersecurity: NY Adopts Final Regulations for Banks, Insurance Businesses and Other Financial Services Institutions
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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…