Skye Witley reports: SolarWinds Corp. issued a full-throated denial of wrongdoing in how it handled one of the worst cyberattacks in history in a Friday court filing seeking the dismissal of US Securities and Exchange Commission allegations that its software security representations defrauded investors and violated rules on controls. SolarWinds argued that it disclosed risks…
Category: Legislation
Looking Ahead to the FTC’s Implementation of the Data Breach Notification Rule for Nonbanking Financial Institutions
Alexander Boyd , Colin H. Black of Polsinelli PC write: Beginning on May 13, 2024, nonbanking “financial institutions” must notify the Federal Trade Commission (“FTC”) within 30 days of discovering a data breach involving the nonpublic personal information of at least 500 consumers. These covered organizations can include a wide variety of companies that engage…
Dutch SA Sanctions Credit Card Company for Failure to Perform Data Protection Impact Assessment
Kristof Van Quathem of Covington and Burling writes: In December 2023, the Dutch SA fined a credit card company €150,000 for failure to perform a proper data protection impact assessment (“DPIA”) in accordance with Art. 35 GDPR for its “identification and verification process”. First, the Dutch SA decided that the company was required to perform a DPIA…
German security researchers at risk of prosecution for “hacking” because of a plain text hardcoded password?
Over on Infosec.Exchange, Will Palant posted: Yellow Flag @[email protected] German law is making security research a risky business. Current news: A court found a developer guilty of “hacking.” His crime: he was tasked with looking into a software that produced way too many log messages. And he discovered that this software was making a MySQL…
NYS announces $8 Million Penalty Against Genesis Global Trading, Inc. After DFS Investigation Finds Significant Failings in Anti-Money Laundering and Cybersecurity Programs
January 12, 2024 New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today announced that Genesis Global Trading, Inc. (“Genesis Global Trading”) will pay an $8 million penalty to New York State for compliance failures that violated DFS’s virtual currency and cybersecurity regulations and left the company vulnerable to illicit activity and…
After Barrage of Hacks, Hospitals Will Face New Federal Cybersecurity Rules Tied to Funding
Eric Geller reports: The Biden administration plans to unveil new cybersecurity requirements for hospitals in the coming weeks as government officials scramble to stem a disturbing tide of hacks that have crippled health-care providers, delayed procedures and raised concerns about patient safety. The Centers for Medicare & Medicaid Services, an arm of the Department of…