Archives: Cybersecurity

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Insurance Data Security Model Law Picks Up Steam

Three states recently enacted variations of the National Association of Insurance Commissioner’s (NAIC) Insurance Data Security Model Law (MDL-668), based on the landmark cybersecurity requirements issued by the New York Department of Financial Services (NYDFS) in March 2017. The NYDFS requirements apply to certain banking, insurance and financial service entities licensed in the state of … Continue Reading

Best Cybersecurity Practices for Healthcare Organizations – Phishing Prevention

This article is part of a series of blog posts exploring the recommendations and guidance Health and Human Services (HHS) provides healthcare organizations in its Cybersecurity Best Practices report. For previous articles in the series, click here. In its report on cybersecurity best practices, HHS highlights email phishing attacks as one of the top threats … Continue Reading

NFA’s Amended Cybersecurity Guidance Includes New Incident Reporting Requirement

Following other regulators, the National Futures Association (NFA) recently amended its cybersecurity guidance to, among other things, impose a new cybersecurity incident reporting requirement on members. Cybersecurity Incident Reporting. According to the amended guidance, members will be required to report to NFA any cybersecurity incident related to the member’s commodity interest business that resulted in … Continue Reading

HHS Issues Cybersecurity Guidance for Healthcare Organizations

BakerHostetler will post a series of blogs to fully explore the recommendations and guidance Health and Human Services provides healthcare organizations in its report. Cyberattacks continue to rise across industries, and healthcare is no different. Eighty percent of U.S. physicians reported having experienced some form of cyberattack. In 2017, cyberattacks cost small and midsize businesses … Continue Reading

HHS OIG Launches Cybersecurity Webpage to Raise Awareness and Boost Cybersecurity Best Practices

Healthcare data can be up to 10 times more valuable to cyber criminals than credit card numbers, according to a report from the Department of Health & Human Services’ (HHS) Office of the Inspector General (OIG). And, with healthcare-focused ransomware attacks like WannaCry and NotPetya in the news more frequently, it’s no wonder that HHS OIG … Continue Reading

FDA Regional Incident Preparedness and Response Playbook Provides Guidance to the Healthcare Industry for Large-scale, Multi-patient Medical Device Cybersecurity Incidents

Earlier this month, the Mitre Corporation, on behalf of the Food and Drug Administration (FDA), released the Medical Device Cybersecurity Regional Incident Preparedness and Response Playbook (the Playbook) as part of the FDA’s ongoing efforts to protect patients from cybersecurity vulnerabilities associated with the use of medical devices. The Playbook highlights high-profile cybersecurity attacks, including … Continue Reading

SEC Investigation Highlights BEC Risk and Need for Comprehensive Risk Assessments by Public Companies

The Securities and Exchange Commission issued a press release and an investigative report on Oct. 16 cautioning public companies to consider cyber threats when implementing internal accounting controls. The report stems from the SEC’s investigation of nine companies that lost between $1 million and $100 million each in so-called business email compromise (BEC) frauds, in … Continue Reading

Department of Justice Releases Attorney General’s First Cyber-Digital Task Force Report

The Department of Justice recently released its comprehensive assessment of cyber threats in the United States, titled “Report of the Attorney General’s Cyber-Digital Task Force.” The Report is the result of the establishment of the Attorney General’s Cyber-Digital Task Force by the Department in February 2018. Attorney General Jeff Sessions directed the Task Force to … Continue Reading

11th Circuit Issues Opinion Vacating Order That Required LabMD to Overhaul Its Data Security Program

On June 6, the 11th Circuit issued its long-awaited decision on LabMD Inc. v. Federal Trade Commission, vacating as unenforceable the Federal Trade Commission’s (FTC’s) cease and desist order that required LabMD to create and implement a variety of protective measures with respect to data security. Notably, however, the decision did not address the most … Continue Reading

SEC Clarifies Existing Cybersecurity Disclosure Guidance

On February 21, 2018, the U.S. Securities and Exchange Commission (“SEC”) issued cybersecurity disclosure guidance for public companies (“SEC Guidance”) that, according to SEC Chair Jay Clayton, “reinforces and expands” on the SEC Division of Corporation Finance’s prior guidance from 2011 (“Corp Fin Guidance” as we previously covered) regarding disclosure requirements under the federal securities … Continue Reading

When Obscurity Is Not a Defense

Many organizations facing a data-security incident struggle to understand how or why their organization was targeted in an attack. Most simply believe they are too small or too obscure to be targeted by malicious cyber actors. Even larger, well-known businesses are lulled into complacency, mistaking years without a major security incident as evidence that their … Continue Reading

Recent OCR Newsletter Highlights Growing Cyber Extortion Threat for Healthcare Organizations

The OCR’s January 2018 newsletter details specific types of cyber extortion that healthcare organizations are currently encountering, including ransomware, denial of service attacks, distributed denial of service attacks and theft of protected health information (PHI). Each type of attack poses unique challenges that may affect an organization in different ways. However, all cyber extortion disrupts … Continue Reading

Looking Back: The Federal Trade Commission Issues Annual Data Privacy Report for 2017

On Jan. 18, 2018, the Federal Trade Commission (FTC) published its Annual Privacy and Data Security Update. The update is helpful to businesses in that it recaps the efforts and areas of involvement the FTC has targeted in the past year as well as guides data protection strategies for 2018. The report provides a detailed … Continue Reading

Moving Beyond Passwords – Does Your Face Raise Privacy Concerns?

Phishing attacks continue to be the root cause of a considerable number of data breaches. Typically, these incidents occur when employees are enticed into giving up their login credentials in response to a cleverly designed, yet fake email. Thus, network passwords, combined with employee susceptibility to phishing emails, remain a major security weakness for corporations. … Continue Reading

Uber Settles With FTC Over Allegedly Deceptive Privacy And Data Security Practices

Uber, the ride-hailing giant, agreed this week to implement a comprehensive privacy program and to undergo 20 years of privacy and data security audits in order to settle allegations by the Federal Trade Commission (FTC) that Uber did not keep its promises to protect customer data. The FTC had alleged two separate failures by Uber: … Continue Reading

SEC Cybersecurity Risk Alert Emphasizes Proactive Compliance and Ongoing Vigilance

On August 7, 2017, the Securities and Exchange Commission (SEC) released its latest cybersecurity risk alert, detailing findings from the examination of 75 broker-dealers, investment advisers and investment companies carried out by its Office of Compliance Inspections and Examinations (OCIE) pursuant to its 2015 cybersecurity examination initiative. In contrast with the previous round of examinations, … Continue Reading

FINRA Video Series Highlights Broker-Dealers’ Common Cybersecurity Deficiencies

In a series of three video programs published on the FINRA website in recent weeks, FINRA provided guidance on common deficiencies it has been seeing in its cybersecurity examinations of member firms, and recommended a number of measures to address these issues. Firms should heed these warnings both so that they are prepared for when FINRA … Continue Reading

Are Industrial Control Systems the Linchpin for Critical Infrastructure Cybersecurity?

Over the past few months, news headlines around the globe have been littered with reports of cyberthreats to the critical infrastructure of countries of all sizes. What were once just ominous theories of catastrophic cyberattacks crippling the nation’s critical infrastructure are now deemed credible threats that critical infrastructure enterprises must consider in their cybersecurity, business … Continue Reading

Deeper Dive: Application of Work-Product Doctrine to Forensic Investigations

In a recent post, we addressed the role a forensic investigation plays in a company’s response to a data security incident. We noted that to maximize the likelihood that a forensic firm’s work will be covered by the work-product doctrine or attorney-client privilege, the engagement letter should include outside counsel and the forensic firm should … Continue Reading

Countdown Begins for Cybersecurity Compliance

This month marks an important waypoint for defense contractors subject to the new cybersecurity requirements imposed by the Department of Defense. For contractors subject to the requirements of Defense Federal Acquisition Regulation Supplement (DFARS) 252.204-7012, Safeguarding Covered Defense Information and Cyber Incident Reporting (the clause), the deadline for compliance with the clause’s cybersecurity requirements is … Continue Reading

US Companies Create Principles for Cybersecurity Risk Ratings

On June 20, 2017, the U.S. Chamber of Commerce announced that a consortium of more than two dozen chamber member companies, including prominent big banks, big-box retailers, and technology giants released a set of principles designed to promote fair and accurate cybersecurity ratings. The creation of the “Principles for Fair and Accurate Security Ratings” comes … Continue Reading

Deeper Dive: Ransomware – WannaCry and the Future of Ransomware-as-a-Service

In our 2017 BakerHostetler Data Security Incident Response Report, we addressed the increasingly ubiquitous scourge of ransomware, one of the fastest-growing types of malware causing data security incidents. We noted that ransomware attacks have been steadily expanding in both frequency and severity, and that those trends seemed set to continue for the foreseeable future. Less than a … Continue Reading
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