On November 18, 2021, the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency issued a new rule requiring U.S. banks to notify federal regulators within 36 hours of determining that a computer-security incident meeting certain criteria has occurred. The rule also requires bank service providers to notify affected banks “as soon as possible” when the service provider determines that a computer-security incident has caused, or is reasonably likely to cause, a material service disruption or degradation for four or more hours.
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Cybersecurity
U.S. Department of the Treasury Announces Partnership with Israel to Combat Ransomware
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On November 14, 2021, the U.S. Department of the Treasury announced a bilateral cybersecurity partnership with the Israeli Ministry of Finance “to protect critical financial infrastructure and emerging technologies” and combat the use of ransomware. The initiative includes the launch of a U.S.-Israeli Task Force on Fintech Innovation and Cybersecurity (the “Task Force”), which seeks to advance the twin goals of encouraging fintech innovation while protecting against cyber threats from nation-state and criminal actors.…
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FTC Recommends Steps to Protect Against Ransomware
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Posted in Cybersecurity
On November 5, 2021, the Federal Trade Commission suggested two preventative steps small businesses can take to protect against ransomware risks. This post provides a summary of the steps.…
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Russia-Linked REvil Hackers and Their Affiliates Hit with Arrests by the U.S. and International Allies
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On November 8, 2021, law enforcement agencies in both the United States and European Union announced that a series of actions, including a number of arrests, were taken against the Russia-linked ransomware group, “REvil.” …
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CISA Issues New Cybersecurity Directive for Federal Agencies
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Posted in Cybersecurity, U.S. Federal Law
On November 3, 2021, the Cybersecurity and Infrastructure Security Agency announced Directive 22-01 – Reducing the Significant Risk of Known Exploited Vulnerabilities, establishing a CISA-managed catalog of vulnerabilities and ordering federal agencies to remediate such vulnerabilities on government information systems. …
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European Parliament Adopts Draft Cybersecurity Directive
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On October 28, 2021, the European Parliament’s Committee on Industry, Research and Energy adopted a draft directive on cybersecurity, which will broaden the scope of the existing NIS Directive to apply to “important sectors.”…
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China Issues Draft Measures on Security Assessment of Cross-border Data Transfer
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Posted in Cybersecurity, International
On October 29, 2021, the Cyberspace Administration of China released for public comment Draft Measures on Security Assessment of Cross-border Data Transfer. The CAC issued the Draft Measures three days before the November 1, 2021 effective date of the Personal Information Protection Law.…
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DOJ Announces New Cyber-Fraud Initiative and Intent to Utilize False Claims Act to Spur Compliance
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Posted in Cybersecurity, U.S. Federal Law
On October 6, 2021, Deputy Attorney General Lisa Monaco announced the launch of the new Civil Cyber-Fraud Initiative that will use the False Claims Act to pursue cybersecurity related fraud by government contractors and grant recipients. …
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U.S. Senators Introduce Bipartisan Bill on Reporting Critical Infrastructure Cyber Incidents and Ransomware Payments
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On September 28, 2021, Senators Gary Peters and Rob Portman, respectively Chairman and Ranking Member of the Homeland Security and Government Affairs Committee, introduced a bipartisan bill that would require owners and operators of critical infrastructure to notify the Director of the Cybersecurity and Infrastructure Security Agency within 72 hours of having a reasonable belief that a covered cyber incident has occurred.…
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DHS Issues Cybersecurity Guidance for Critical Infrastructure Firms
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Posted in Cybersecurity, U.S. Federal Law
On September 22, 2021, Secretary of Homeland Security Alejandro N. Mayorkas and Secretary of Commerce Gina Raimondo released a joint statement on the Department of Homeland Security’s issuance of preliminary Critical Infrastructure Control Systems Cybersecurity Performance Goals and Objectives. The Preliminary Goals identify nine overarching control system cybersecurity performance goals, each containing specific objectives to support the deployment and operation of secure control systems.…
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