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How to Avoid Regulatory Sting
As this article is being written, Visa USA is set to announce newly updated information security guidelines that cover all merchants, member banks, service providers and software vendors (who build, for example, point-of-sale and e-commerce applications) ' and those who process, transmit, or store credit or payment card data. The standards will also be accepted and endorsed by MasterCard, Discover, Diners, JCB and American Express. The newly revised standards resolve differences in how the industry has been evaluating security compliance and in doing so, support on-going efforts for combating fraud, which Visa estimates has now dropped to a historic low of five cents on every one-hundred dollars of transaction volume. Fail to comply with the new standard and suffer a breach, and a member organization could be facing fines of up to $500,000 from Visa.
The payment card industry is not the only focus of new regulatory concerns. Suddenly, information security is no longer a techie-only issue ' compliance with regulatory standards is clearly now a governance and fiduciary duty with severe financial impact for failures and substantial liability from future litigation. For example, leak private information about residents of over 20 states and you may have to publicly announce the breach ' events that have made headlines from ChoicePoint and Card Systems, both of which now face shareholder lawsuits and materially eroded customer and investor confidence.
Organizations that process or store sensitive information now face an array of standards which must be complied with while continuing to operate a going concern. Following are some practical guidelines to help you understand specific steps you can take in light of the more recent regulations and standards, steps that can also help provide a baseline level of protection against losses and litigation. Based on my 30 years of experience in the security and compliance arena with hundreds of organizations and in over 50 of the Fortune 100, I believe that there are five key practical steps that any organization can implement which will substantially reduce compliance burden and risk exposure, and thus both improve efficiency and lower the risk of liability from non-compliance.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.