On November 18, 2021, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) approved a new final rule regarding reporting of cyber incidents for U.S. banks and service providers.
Under the new rule, a banking organization must notify its primary federal regulator of “any significant computer
On August 30, 2021, the Securities and Exchange Commission (SEC) sanctioned eight firms in three actions for cybersecurity failures in their policies and procedures that exposed the personal information of thousands of customers at each firm. These firms included: Cetera Advisor Networks LLC, Cetera Investment Services LLC, Cetera Financial Specialists LLC, Cetera Advisors LLC,
On July 1, 2020, amendments to Vermont’s Security Breach Notice Act, 9 V.S.A. §§ 2330 & 2335, took effect along with a new “Student Online Personal Information Protection Act.”
On May 4, the Californians for Consumer Privacy (led by Alistair McTaggart, the real estate investor and activist behind the original ballot initiative that led to the CCPA), announced in a letter that it had collected over 900,000 signatures to qualify the California Privacy Rights Act (“CPRA”) for the November 2020 ballot. This version of
Today, the FTC announced that Equifax, Inc. will pay at least $575 million (and potentially up to $700 million) as part of a proposed global settlement with the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB), and 50 U.S. states and territories. Their complaint alleges that Equifax failed to take reasonable steps to
In our Southeast Financial Litigation Monitor, our own Lindsey Catlett posts about a recent opinion in Southern Independent Bank vs. Fred’s Inc., in which the Middle District of Alabama denied class certification following a data breach which allegedly affected over 2,000 financial institutions across the country. Southern Independent, a community bank located in south
On Wednesday, March 28, 2018, the Alabama Data Breach Notification Act of 2018 (SB318) was signed into law by the Governor, making Alabama round out the roster of 50 states with data breach notification laws. (South Dakota’s data breach notification was signed by its governor on March 21, 2018, making it the 49
If you’ve seen the news, you’re probably aware that Equifax announced last week that hackers had breached some of its website application software, potentially affecting the sensitive personal information of approximately 143,000,000 consumers. If you believe you may be affected by the breach, or are wondering what to do about it, read below for: (A)
Today, on June 1, 2017, China’s new cybersecurity law, entitled the “Network Security Law”, goes into effect. The law was passed in November 2016. It now becomes legally mandatory for “network operators” and “providers of network products and services” to: (a) follow certain personal information protection obligations, including notice and consent requirements; (b) for network
Target Corporation has reached an $18.5 million settlement with 47 states and the District of Columbia to resolve the investigation into the retailer’s 2013 data breach, officials announced on May 23, 2017. The 2013 data breach incident triggered various state consumer protection and data breach laws when hackers accessed consumer data for over 110 million
