On July 29, 2022, the New York Department of Financial Services posted proposed amendments to its Cybersecurity Requirements for Financial Services Companies. This blog entry provides highlights of the amendments.
Continue Reading Proposed Amendments to NY Financial Services Cybersecurity Regulations Impose New Obligations on Large Entities, Boards of Directors and CISOs

On June 24, 2022, the New York State Department of Financial Services announced it had entered into a $5 million settlement with Carnival Corp., the world’s largest cruise-ship operator, for violations of the Cybersecurity Regulation in connection with four cybersecurity events between 2019 and 2021, including two ransomware events.
Continue Reading NYDFS Imposes Fine of $5 Million on Carnival for Cybersecurity Breaches

On March 11, 2022, the U.S. Senate passed an omnibus spending bill that includes language which would require certain critical infrastructure owners and operators to notify the federal government of cybersecurity incidents in specified circumstances. President Biden has until March 15, 2022, to sign the bill. This blog entry provides a summary of the bill.
Continue Reading Cyber Incident Reporting Language in Omnibus Bill Headed to President Biden’s Desk

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.

Continue Reading U.S. Senate Unanimously Passes Cybersecurity Legislation Requiring 72 Hour Cyber Incident Notification

On January 28, 2022, in celebration of Data Privacy Day, the Colorado Attorney General’s Office issued prepared remarks from Colorado Attorney General Phil Weiser and published guidance on data security best practices, including discussing his office’s plans for implementing the Colorado Privacy Act.
Continue Reading Colorado AG Publishes Guidance on Data Security Practices and Announces Upcoming Rulemaking Under the Colorado Privacy Act

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