Cybersecurity

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On March 2, 2022, the Senate unanimously passed the Strengthening American Cybersecurity Act of 2022 (“SACA” or the “Bill”). The Bill is now with the House of Representatives for a vote and, if passed, will be sent to President Biden’s desk for signature.
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Continue Reading U.S. Senate Unanimously Passes Cybersecurity Legislation Requiring 72 Hour Cyber Incident Notification

On January 4, 2022, the Federal Trade Commission published a blog post reminding companies that “the duty to take reasonable steps to mitigate known software vulnerabilities implicates laws including, among others, the Federal Trade Commission Act and the Gramm Leach Bliley Act,” in response to Log4Shell’s public disclosure of the Log4j vulnerability.
Continue Reading FTC Puts Companies on Notice that Failure to Identify and Patch Instances of Log4j May Violate FTC Act

The Cyberspace Administration of China released for public comment the draft Regulations on Network Data Security Management. The Draft Regulations are intended to implement portions of three existing laws: the Cybersecurity Law, the Data Security Law and the Personal Information Protection Law. In this blog entry, we discuss several of the key areas addressed by the Draft Regulations.
Continue Reading China Releases Draft Regulations on Network Data Security Management

The New York Office of the Attorney General recently announced the results of an investigation into “credential stuffing,” which uncovered 1.1 million compromised accounts from cyberattacks on 17 well-known companies. The announcement included a “Business Guide for Credential Stuffing Attacks,” detailing the attacks and providing tips for businesses to protect themselves.
Continue Reading New York Attorney General Announces 1.1 Million Accounts Compromised in Credential Stuffing Attacks

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.
Continue Reading Federal Regulators Issue New Cyber Incident Reporting Rule for Banks

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.
Continue Reading U.S. Department of the Treasury Announces Partnership with Israel to Combat Ransomware