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Cyber Risk Alerts are a critical component of your Cyber Risk Management Program!

The Financial Industry Regulatory Authority (FINRA) and the Security and Exchange Commission (SEC) have issued guidance as part of their mission to drive Cybersecurity awareness and compliance. The New York State Department of Financial Services announced its first state-level regulation for cybersecurity, which will be moving the country forward. While this legislation will apply to all companies in the financial industry, from Registered Investment Advisors (RIAs) to Broker Dealers to Banks, this or similar legislation will ultimately apply to every [...]

2017-06-22T20:19:37-04:00By |Tags: , , , , , |

Cyber Regulation is Here – First-in-the-Nation Cybersecurity Regulation to Protect Consumers and Financial Institutions

This weekend, Governor Andrew M. Cuomo announced that a new first-in-the-nation regulation has been proposed to protect New York State from the ever-growing threat of cyber attacks. "This regulation helps guarantee the financial services industry upholds its obligation to protect consumers and ensure that its systems are sufficiently constructed to prevent cyber attacks to the fullest extent possible" said Cuomo. The Regulation requires regulated financial institutions, including investment advisers and those in the financial industry to establish a cybersecurity program that [...]

Caveat Emptor

Stolen credit card data is no longer the prize. Cyber criminals want Personally Identifiable Information (PII). PII sells for 20 times that of credit card information. One credit card record sells for $1 on the blackmarket. One record of PII sells for $20. The healthcare industry is plagued daily by cyber attacks looking to obtain this information. However, there are regulations and laws in place to secure this information in the healthcare sector. This is not the case in retail. [...]

Cyber insurance regulations: Senate probes federal data breach protections bill

Cyber insurance is becoming a significant market force that will drive improved cyber security for both companies and by extension the consumers and the nation as a whole. It is more than just an instrument to transfer risk, it provides incentives to understand and mitigate risks. To wit, attached is a summary of the most recent Senate hearing: U.S. Sen. Jerry Moran (R-Kan.), chair of the Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security, held a hearing March [...]

2017-06-22T20:19:42-04:00By |Tags: , , , , , |