The New York Department of Financial Services (“NYDFS”) recently issued guidance for its covered entities highlighting the importance of cybersecurity as a necessary part of M&A due diligence. This guidance comes in the greater context of the Yahoo! SEC resolution to demonstrate that regulators are paying close attention to the cybersecurity risks posed by mergers. According to the NYDFS Frequently Asked Questions page, its Covered Entities are expected to conduct “a serious due diligence … Continue Reading
One of many difficult decisions that companies face following a cyber breach is whether to disclose it to law enforcement. There are several advantages to involving the FBI in a breach response: they may (1) have seen this kind of hack before; (2) know the malware or persons involved; (3) be able to provide helpful information on the motivation for the attack; (4) tell you what else to look for on your systems; and (5) … Continue Reading
We have issued a memo on recent proposed U.S. federal banking regulations that could significantly expand the existing cybersecurity regulatory framework for covered financial institutions. The Enhanced Standards intend to strengthen cyberattack preventative measures and post-attack responses.
We have issued a memo on recent proposed cybersecurity regulations by the New York State Department of Financial Services that would be more stringent than existing federal requirements for certain financial entities. The memo highlights similarities and differences between the proposed regulations and federal regulations and guidance.