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After a series of high-profile supply chain and ransomware attacks, the federal government is ramping up its effort to improve the nation’s cybersecurity. In the past several months, multiple federal departments and agencies announced new policy initiatives and regulatory directives to drive their cybersecurity agenda forward, and state regulators are following the trend. It is unmistakably clear that companies in regulated sectors are entering a new era of cybersecurity regulatory compliance. And although much of this early action targets specific sectors (e.g., government contractors, pipeline operators, and public companies), these requirements will indirectly touch companies in other sectors and are a preview of broader regulation to come. Here, we discuss recent notable actions on cybersecurity by federal and state government agencies.
For many in the funds industry, the issue on 20 October 2020 of the Central Bank of Ireland’s (the “Central Bank”) Industry Letter (the “Industry Letter
A”) relating to the Central Bank’s Thematic Review of Fund Management Companies’ Governance, Management and Effectiveness (the “Thematic Review”) was a “Day of Reckoning” in relation to the Central Bank’s review of the operational model for many fund structures in Ireland.
In this article, we look at the content of the Industry Letter and its impact on fund structures and fund managers in Ireland.
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Sometimes a comprehensive overview is needed to recognize that individual anomalous conduct is indicative of a criminal scheme.
Recently, the Department of Financial Services (DFS) looked at an unusual pattern of interaction with multiple insurance websites and concluded that cybercriminals were exploiting data obtained from those website interactions to commit benefit fraud. Website operators of all types should take note of the DFS’ warning and consider whether their websites may also be vulnerable to criminal exploitation.
On February 16, 2021, DFS issued an Industry Letter concerning a “systemic and aggressive campaign to exploit a cybersecurity flaw in public-facing websites to steal Nonpublic Information (NPI).” According to DFS, the campaign’s purpose is to use NPI obtained by hackers to steal pandemic and unemployment benefits. To do so, hackers have been infiltrating public-facing websites that access or
New York State Department of Financial of Financial Services Alerts Regulated Entities Of Opportunity To Receive Credit Under The Ny Cra For Activities Undertaken To Address Climate Change That Benefit Low- To Moderate-Income Communities - Additional DFS Action To Fully Integrate Climate Change Into All Of Departmentâs Programs Date
09/02/2021
The New York State Department of Financial of Financial Services (DFS) issued guidance alerting banking institutions subject to the New York Community Reinvestment Act (the “New York CRA”) that they may receive credit for financing activities that support the climate resiliency of low- and moderate-income (LMI), and underserved communities.
“Climate change is happening now and there is no time to waste in addressing its financial risks. At the same time, climate change disproportionally impacts disadvantaged communities, many of whose members are people of color. DFS is issuing today’s guidance to provide examples of