Archives: Financial Privacy

Subscribe to Financial Privacy RSS Feed

Webinar Recording Available on the NYDFS Regulations

On March 9, 2017, AllClear ID hosted a webinar with Hunton & Williams partner Lisa J. Sotto on the new cybersecurity regulations from the New York State Department of Financial Services. This blog post provides a link to the recording and presentation materials. … Continue Reading

Home Depot Settles Data Breach Claims

On March 9, 2017, Home Depot reached an agreement that includes the payment of 25 million dollars and the implementation of new data security measures to resolve a putative class action brought by financial institutions impacted by the company’s 2014 data breach.… Continue Reading

FINRA Fines Brokerage Firm $650,000 After Cyber Attack

On November 14, 2016, Lincoln Financial Securities Corp., a subsidiary of Lincoln Financial Group, entered into a settlement with the Financial Industry Regulatory Authority, requiring LFS to pay a 650,000 dollar fine and implement stronger cybersecurity protocols following a 2012 hack into its cloud-based server.… Continue Reading

FinCEN Issues Advisory on SAR Reporting Obligations Involving Cyber Crime

Recently, the U.S. Department of Treasury’s Financial Crimes Enforcement Network issued an advisory entitled Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime, to help financial institutions understand how to fulfill their Bank Secrecy Act obligations with regard to cyber events and cyber-enabled crime.… Continue Reading

Court Rules Fraud Involving a Computer Is Not ‘Computer Fraud’ under Crime Protection Policy

On October 18, 2016, the United States Court of Appeals for the Fifth Circuit held in Apache Corp. v. Great American Ins. Co. that a crime protection insurance policy does not cover loss resulting from a fraudulent email directing funds to be sent electronically to the imposter’s bank account because the scheme did not constitute “computer fraud” under the policy. … Continue Reading

Federal Regulators Propose New Cybersecurity Rule for Big Banks

On October 19, 2016, the Federal Deposit Insurance Corporation, the Federal Reserve System and Office of the Comptroller of the Currency issued an advance notice of proposed rulemaking suggesting new cybersecurity regulations for banks with assets totaling more than 50 billion dollars.… Continue Reading

G-7 Endorses Best Practices for Bank Cybersecurity

On October 11, 2016, Group of Seven financial leaders endorsed the Fundamental Elements of Cybersecurity for the Financial Sector, a set of non-binding best practices for banks and financial institutions to address cybersecurity threats. … Continue Reading
LexBlog