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Cybersecurity Insurance Developments

The cybersecurity insurance market continues to evolve and there are some important developments for your consideration.  In short, although cybersecurity insurance is an important component in your cybersecurity plan (e.g., mitigating costs), it is critical…

FCI article about OCSF in T3 / Technology Tools for Today

T3 published a new article about Coalition Of Cybersecurity Leaders Launch Open Cybersecurity Schema Framework (OCSF) written by FCI.   Link to the article: https://t3technologyhub.com/coalition-of-cybersecurity-leaders-launch-open-cybersecurity-schema-framework-ocsf/  

SEC Proposes New Cybersecurity Rules

As you may remember, earlier this year the Securities and Exchange Commission (SEC) voted to propose cybersecurity rules and amendments related to disclosures, risk management and security incidents for registered investment advisers and registered investment…

Forbes cites Brian Edelman, FCI CEO & Cybersecurity Expert

Link to: “15 Ways to Leverage And Supplement AI In Your Cybersecurity Efforts”   With more companies moving to permanent remote or hybrid work models, more endpoints are accessing systems of private data without proper…

DFS and SEC Warn Financial Entities of Heightened Cybersecurity Risk

Both the New York State Department of Financial Services (“DFS”) and the Securities and Exchange Commission (“SEC”) have warned financial entities that Russia’s invasion of Ukraine will likely result in an elevated number of cyber-attacks and…

SEC Votes to Propose Rules For Cybersecurity Concerning RIAs

As discussed in the prior update, the Securities and Exchange Commission (SEC), and specifically the Chair of the SEC, Gary Gensler, emphasized the SEC’s cybersecurity focus during his address at the 2022 Annual Securities Regulation…

SEC Provides More Insight into 2022 Plans

As discussed in prior updates, the Securities and Exchange Commission (SEC) has increased its efforts with regard to cybersecurity.  Towards that end, Chair of the SEC, Gary Gensler, discussed the SEC’s cybersecurity focus during his address at the…

NYDFS Announces Statement of Charges Hearing against First American Financial

Subsequent to the first ever cybersecurity enforcement action filed by The New York State Department of Financial Services (NYDFS) on July 22, 2020, a Statement of Charges Hearing will be held on January 21, 2022, to determine whether First American Title Insurance Company has committed violations of §§ 500.02, 500.03, 500.04, 500.07, 500.09, 500.10, 500.14, 500.15…

Capital One Hacks

In the summer of 2019, Capital One discovered that a hacker had accessed private data for more than 100 million Capital One customers, including data that was part of their credit card applications, such as…

NYDFS Issued Industry Guidance on Multi-Factor Authentication

On December 7, 2021, the New York Department of Financial Services (NYDFS) issued Industry Guidance for all regulated entities on Multi-Factor Authentication (MFA) as an essential technical control required by the Cybersecurity Requirements for Financial…

Cybersecurity Focus for SEC Will Continue for 2022

In past posts, we discussed increased enforcement efforts by the Securities and Exchange Commission (SEC). The SEC’s focus should have come as no surprise given that in early 2021, the SEC highlighted information protection and cybersecurity as key…

The SEC Strikes Again

In the last newsletter, we discussed the Securities and Exchange Commission (SEC) and its recent enforcement efforts.   Specifically, how the SEC and the New York Department of Financial Services (DFS) have been pursuing entities for failure to…

Brian Edelman, Cybersecurity Expert & FCI CEO, cited in Ebix article

Link to: What the SEC Cybersecurity Crackdown Means for Financial Advisers  Recent SEC Enforcement Actions against eight financial firms for violations of cybersecurity safeguards is a clear signal that implementation of cybersecurity controls is paramount for protection and to avoid penalty.  In discussion with Ebix, Brian Edelman, Cybersecurity Expert and FCI CEO, shared that “Broker-dealers and financial institutions have…

Look Out, Here Comes the SEC

In the last few posts, we discussed the NYS Department of Financial Services (“DFS”) and its enforcement efforts.   Specifically, NY DFS has been going after entities for failure to report prior breaches.   For example, DFS…

A Deeper Look at the Criteria for Reporting a Breach to NYDFS

In the last newsletter, we discussed the NYS Department of Financial Services (“DFS”) recent efforts and its overall posture of ramping up enforcement.  One of the important points that we noted was that the hefty multi-million…

3iCO article cites Brian Edelman, Cybersecurity Expert & FCI CEO

Link to the article: The Increasing Importance of Cybersecurity for Registered Investment Advisors 3iCO is a NY based provider of Independent Compliance Officers for Independent Investment Advisers and Private Funds. As compliance and legal professionals,…

Critical Point in Recent NYS DFS Enforcement Actions

In the last post, it was noted that the NYS Department of Financial Services (“DFS”) was ramping up enforcement of its Cybersecurity Regulation as evidenced by two recently announced multi-million dollar settlements.  One of the…

NYDFS Ramps Up Enforcement Actions

The NYS Department of Financial Services (“DFS”) has recently announced two multi-million dollar settlements and has increased enforcement of its Cybersecurity Regulation. It is important to note that DFS has announced three enforcement actions since…

Brian Edelman, Cybersecurity Expert and FCI CEO speaks at Finseca’s Beacon2020: A Virtual Experience

Brian Edelman, Cybersecurity Expert and FCI CEO is presenting at Beacon2020 with Jeff Reed, CISO, Advantage Insurance Network, September 16, 2020 @ 11:30 AM  Beacon by Finseca is a virtual experience connecting attendees to exclusive new content, best-in-class professional development and a community of financial security professionals. Beacon will…

NYDFS First Cybersecurity Enforcement Action

The New York State Department of Financial Services (NYDFS) filed its first cybersecurity enforcement action against a firm alleging deficient cybersecurity controls and other flaws in cybersecurity practices. Failure to follow cybersecurity policies, neglect to…