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NYDFS fines health insurer EyeMed $4.5 million for cybersecurity violations after mandatory self-report

On October 18, 2022, the New York Department of Financial Services (NYDFS) announced a $4.5 million penalty against health insurer EyeMed Vision Care LLC (EyeMed) for violations of the Department’s Cybersecurity Regulation that contributed to a 1 July 2020 data breach that exposed sensitive, non-public consumer health data of New York residents. Notably, NYDFS learned about the breach after EyeMed reported the incident, as required by the Cybersecurity Regulation. The penalty is a reminder to companies in scope of the regulation to make sure to review their compliance before an incident, a costly lesson more and more companies are learning from NYDFS.
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Cyber

DORA: Exploring what the new European Framework for Digital Operational Resilience means for your business

On 10 November 2022, the European Parliament voted to adopt a new EU regulation on digital operational resilience for the financial sector (DORA). With obligations under DORA coming into effect late in 2024 or early 2025 at the latest, in this article we take a closer look at its impact and consider what the regulation will mean for firms, their senior managers and operations and what firms should be doing now in preparation for day one compliance.
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Cyber

NYDFS Flexes Enforcement Muscle In Crypto Markets With $30 Million AML And Cybersecurity Fine And Draft Cybersecurity Amendments

On August 1, 2022, the New York Department of Financial Services ("NYDFS") levied a hefty $30 million penalty on Robinhood Crypto, LLC ("Robinhood Crypto"), citing what the agency identified as persistent and pervasive transaction monitoring and cybersecurity compliance failures. NYDFS also required Robinhood Crypto to retain an independent compliance consultant for 18 months. Although

A new frontier in the fight against cybercrime: the second additional protocol to the Budapest convention

On 12 May 2022 in Strasbourg, 22 Countries Members of the European Council, including Italy, ratified the Second Additional Protocol to the Convention on cybercrime (the Budapest Convention) on enhanced cooperation and disclosure of electronic evidence (the Second Protocol).

EU Cyber Resilience Act – proposed cybersecurity rules for connected products

The proposed Cyber Resilience Act will introduce new common cybersecurity requirements for "products with digital elements" placed on the EU market. Forming part of the EU's Cybersecurity Strategy, this proposed regulation would impose a range of obligations on manufacturers, importers and distributors of connected hardware and software, with the aim of ensuring that technical vulnerabilities are minimised and managed in a transparent manner. This article discusses key aspects of the proposal.

Hot Topic - Ransomware

Cyber

The Solana Cyber-attack: What now?

Hackers have been targeting various areas of the crypto market, including bridges, exchanges and wallets. One such example occurred in August 2022, which was the major cyber-attack on the Solana ecosystem (Solana), raising questions about the security of underpinning cryptoassets and causing loss to investors across the globe.

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Cyber

Ransomware Playbook

Our newly updated international playbook addresses how best to prepare for and respond to a ransomware attack, and contains guidance from key jurisdictions around the world regarding applicable legal regimes

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Cyber

Congress passes broad legislation requiring critical infrastructure sectors to report substantial cyber incidents and ransomware payments

This statute is the first federal law to require reporting of cyber incidents across a wide range of industries. These requirements will take effect upon the finalization of implementing regulations by the Cybersecurity and Infrastructure Security Agency (CISA).

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Cyber

To pay or not to pay? The ransomware conundrum

Held to ransom?

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Fintech

FinCEN flexes new expertise in clear warning to companies broadly involved in processing ransomware payments

Strengthen your detection and monitoring

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Cyber

Treasury ransomware advisories warn companies to consider collateral legal risks in payments

Updating the ransomware playbook

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Upcoming events

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EVENT: Space tech for smart cities (Online) - Tues 5th Dec: 13:00 - 14:00 GMT

Smart cities are using technology to make cities faster, smarter, more efficient and sustainable. The market for smart city related services is growing fast, with the European Space Agency referencing a forecast growth of +57% between 2020-2025. Many of these smart city services and associated technology are heavily reliant, if not entirely dependent, on space tech. Our panel will explore the importance of space tech to smart cities, the latest developments, and the opportunities and risks for financial investors in the sector.

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