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NYDFS Announces New Cybersecurity Requirements for Financial Services Companies

On July 29,  the New York State Department of Financial Services (NYFDS) posted a request for public comment on their proposed amendments to their cybersecurity requirements for financial services companies, the Cybersecurity Requirements for Financial Services Companies (Part 500).
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OCC

What’s the OCC Banking Regulatory Outlook for 2022?

As the year’s end approaches, the US Office of the Comptroller of the Currency (OCC), a primary US banking regulator, has published its Banking Supervision Operating Plan for 2022. As you might expect, much of the OCC’s focus is on managing the repercussions of the pandemic and the resulting economic, financial, operational, and compliance implications.…
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Payments

CNIL Publishes White Paper on Digital Payments and Data Privacy

The French Data Protection Authority’s white paper discusses how companies can comply with data privacy and security obligations. The use of card, contactless, and innovative digital payment solutions has significantly increased in recent years, fueled by the immediate impacts of the ongoing COVID-19 pandemic and the longer-term growth of e-commerce and open banking. In this…
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Fintech

Fintech Cybersecurity: A Plan for Innovation with Risk Mitigation

As the fintech industry rushes ahead to integrate new technologies, it’s leaving the door open for cyber attackers. The financial technology (fintech) industry is evolving at breakneck speed, driven in large part by its rapid adoption of innovative new technologies like artificial intelligence and blockchain-powered assets. By 2026, the current global fintech market is projected…
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SEC

SEC Doubles Down on Safeguards Rule Enforcement

The Securities and Exchange Commission issued sanctions against three financial services companies last week. The sanctions came in response to a series of email-takeover attacks in which Personally Identifiable Information (PII) was exposed. In each case, the SEC found that the firms failed to implement proper cybersecurity measures against breaches. Each firm was found responsible…
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Cfpb And Fintech

Why Fintech Companies Want to be Regulated by the CFPB

It’s unusual to see an industry making a formal request to be regulated, but that’s exactly what fintech data aggregators are asking of the Consumer Financial Protection Bureau (CFPB). Companies like Plaid and Robinhood have reasoned that more oversight by the CFPB comes with access to more consumer data–which in turn would allow fintech companies…
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A Guide to New Draft SCCs–and the EDPB’s Response

Ever since the EU-US Privacy Shield was struck down in Schrems 2.o, companies have been scrambling to figure out how to safely transfer data in and out of the EU while remaining compliant with the General Data Protection Regulation (GDPR). At this point, the general consensus is that transfers from the EU should only be…
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2020 News in Review

Week Ending December 28 ICO Warns SolarWinds Victims to Report Breaches The United Kingdom’s Information Commissioner’s Office (ICO) has issued a warning to organizations compromised by the SolarWinds breach. The breach, which was carried out by Russian hackers, affected more than 18000 organizations worldwide. ICO requires UK data controllers subject to NIS regulations to report…
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OCC And Capitol One

OCC Fines Capital One: Key Takeaways

Last year, Capital One experienced one of the largest-ever data breaches of a bank, when a hacker–Paige Thompson–got her hands on the personal information of over 106 million customers and applicants via a misconfigured AWS server. Now, the Office of the Comptroller of the Currency (OCC) has hit the bank with a whopping $80 million…
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