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New York is poised to become the first state in the nation with comprehensive cybersecurity regulation and reporting requirements applicable to the entire financial services industry, with only very limited exemptions. 23 NYCRR 500 (the Regulation) will require banks, insurance companies, and other financial institutions regulated by the New York State Department of Financial Services (DFS) to establish and maintain a cybersecurity program designed to protect consumers and the stability of New York’s financial services industry. The Regulation was designed to promote the protection of customer information as well as the underlying information technology systems of regulated entities in light of the ever-increasing threat of cyber attacks. It requires assessment of specific risk profile and design of program addressing risks, for which senior management is responsible including annual certification of compliance.
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By Emil Sayegh
It is difficult to think of a comparable cyber event to the one that effectively shut down the fuel pipeline that feeds over a third of the United States. We are in the midst of a national cyber crisis, and while we may have a blueprint for the resolution of these other crises, things must urgently change on the cybersecurity front. (Updated June 9))
By Rita W. Garry
In the past four months of 2021, the amount of state legislative activity around consumer data privacy laws has been frantic, by state legislatures standards. So much so, it is not easy to discern the cause for all this effort.
By Tomas Suros
In response to widespread changes in the use of technology, and evaluating the potential risks of remote work and the rise of virtual meeting platforms, on March 10, 2021, the ABA Standing Committee on Ethics and Professional Responsibility issued Formal Opinion 498 making it clear that the Model Rules of Professional Conduct permit lawyers to conduct their practices virtually, but urges caution at all times:
By Kyle Reese and Nathan Curtis
In 2020, law firms did what they had to do to continue serving their clients. Information governance may have been sacrificed in the face of an urgent, global crisis. As understandable as that is, it’s time now to step back and assess best practices for the new operational model that is here to stay.