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The Big Apple now demands big commitments from financial institutions regarding cybersecurity practices. Yesterday, the New York State Department of Financial Services (“NYDFS”) adopted its second set of amendments to its 2015 “Cybersecurity Requirements For Financial Services Companies” (“Amended Cybersecurity Regulation”), with some amendments immediately going into effect. The law requires “covered entities,” including but limited to financial institutions or insurance providers authorized to conduct business in New York, to implement and maintain a cybersecurity program, to report cybersecurity events, and to annually certify their compliance with the law. The Amended Cybersecurity Regulation now requires:Continue Reading Security State of Mind: Amendments to NYDFS’s Cybersecurity Regulation Go Live

On Monday, May 22, the European Data Protection Board (EDPB) published a decision hitting Meta, parent of Facebook, WhatsApp, and Instagram, with a €1.2b ($1.3b) fine for impermissibly transmitting personal information from the European Economic Area (EEA) to the United States. The EDPB described Meta’s activities as “serious” and including “transfers that are systematic, repetitive, and continuous,” and it stated that the fine was intended to serve as a “strong signal to organizations that serious infringements have far-reaching consequences.”Continue Reading How Much Forgiveness Does $1.3 Billion Buy in the EU?

The Federal Trade Commission (“FTC”) recently issued a proposed order requiring BetterHelp, an online counseling service, to pay $7.8 million over misrepresentations to consumers and improper disclosures of consumers’ health information to advertisers, such as Facebook, Snapchat, Criteo, and Pinterest.[1] This order and consent agreement comes a month after the FTC entered a settlement with GoodRx for similar privacy violations, which we examined in the following article here.Continue Reading BetterHelp… Themselves: FTC Fines Company for Improper Deceptive Advertising Practices

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U.S. Regulator Warns of “Evidence” of Global Cyber Assault Occurring Inside the U.S. and Steps Your Company Should Take Against a Ransomware Attack 

On Friday, May 12, 2017, Laura Wolf, Critical Infrastructure Protection Lead of the Department of Health and Human Services (HHS) issued a notification stating that:
Continue Reading ALERT: Ransomware – a Global Wake-Up Call

Malware

MICROS, a point-of-sale (POS) payment systems vendor owned by Oracle, has suffered a malware attack according to security news site KrebsOnSecurity reported August 8, 2016.  MICROS is one of the three largest POS systems used globally by many companies in the retail and hospitality industry. It appears that Carbanak (aka Anunak), a Russian cybercriminal gang known to hack into retailers, penetrated up to 700 computer systems at Oracle, also compromising a customer support portal for companies using Oracle’s MICROS POS credit card payment systems.
Continue Reading MICROS POS Systems Exposed By Malware Attack Which Targets Retail Merchants