On October 27, the Federal Trade Commission (“FTC”) unanimously voted to amend the Safeguards Rule to require non-banking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to report data breaches and security events to the Agency. This amendment will become effective 180 days after its publication in the Federal Register.
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The emergence of tools like ChatGPT has demonstrated the tremendous business potential for artificial intelligence. At the same time, businesses need to be aware of the growing patchwork of laws and regulations in the U.S. and EU governing the development and use of AI. In this webinar, Ballard Spahr privacy & data security lawyers
2022 proved to be an historic year for privacy and data security, and 2023 is likely to follow suit. With privacy compliance deadlines looming under three state laws, a surge in data privacy litigation, new federal cyber-regulations, new state laws governing children’s data and new EU legislation regulating digital services – privacy lawyers will
2022 proved to be an historic year for privacy and data security. Connecticut and Utah joined the list of states that have now passed comprehensive data privacy laws, bringing the total to five (5) states. For the first time, federal privacy legislation advanced to a House Subcommittee, and though the American Data Privacy and Protection
The Financial Crimes Enforcement Network (“FinCEN”) issued on November 1 a Financial Trend Analysis regarding ransomware-related Bank Secrecy Act (“BSA”) filings during the second half of 2021 (the “Report”). This publication follows up on a similar ransomware trend analysis issued by FinCEN regarding the first half of 2021
In a recent enforcement action against online alcohol delivery service Drizly and its CEO, James Rellas, the Federal Trade Commission (FTC) made clear its focus on data minimization and limitations on the secondary uses of data. Although the action arose out of a common security failure—the sort that has been the subject of numerous prior
On June 23, 2022, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (SRP) for spring 2022. In the SRP, the OCC opines on its current safety and soundness concerns for banks under its regulatory umbrella, focusing on Russia sanctions, climate-related risk, and rising inflation. Despite these challenges, the OCC
In a report released June 21, 2022, the U.S. Government Accountability Office (GAO) urged the Department of Homeland Security’s (DHS) Cybersecurity and Infrastructure Security Agency (CISA) and the Department of the Treasury’s (Treasury) Federal Insurance Office (FIO) to jointly assess whether the risk to critical infrastructure and potential financial exposures from catastrophic cyber incidents warrant
The Third Circuit recently issued an opinion upholding the federal cyber-stalking statute against a constitutional challenge in United States v. Ho Ka Yung. Yung was convicted of cyber-stalking after he instituted a campaign of harassment against a Georgetown Law alumnus interviewer and his family. Though he pled guilty, Yung preserved the right to appeal
The FTC recently reported that over $650 mm worth of cryptocurrency was stolen by hackers last year. Thus far, over $320 mm in cryptocurrency has been stolen by hackers this year. Not surprisingly, this surge in crypto breaches has led to litigation. In our monthly webcast series, Ballard partners Phil Yannella, Greg Szewczyk and