cybersecurity

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Following a series of major ransomware attacks, including against Colonial Pipeline, which provides the East Coast with 45 percent of its gasoline, jet fuel and diesel, President Biden issued a National Security Memorandum (“the Memorandum”) last week intent on improving cybersecurity for critical infrastructure systems. The Memorandum comes in follow up to the Biden Administration’s…

Effective October 1, 2021, Connecticut becomes the third state with a data breach litigation “safe harbor” law (Public Act No. 21-119), joining Utah and Ohio. In short, the Connecticut law prohibits courts in the state from assessing punitive damages in data breach litigation against a covered defendant that created, maintained, and complied with…

Individuals who serve as a fiduciaries to their company’s retirement plan often feel they may not be sufficiently informed or qualified to make prudent decisions for the plan. They might ask themselves: “How do I know which are prudent investments?” or “What amount of plan fees are ‘reasonable’”? Now, the DOL is requiring plan fiduciaries…

In April, we posted about the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issuing cybersecurity guidance for employee retirement plans. That is, April 14, 2021. Shortly thereafter, the DOL updated its audit inquiries to include probing questions for plan fiduciaries about their compliance with “hot off the press” agency guidelines.

So, what…

The National Institute of Standards and Technology (NIST) recently released a preliminary draft of its Cybersecurity Framework Profile for Ransomware Risk Management. The public comment period for this draft runs through July 9, 2021. NIST says “The profile can be used as a guide to managing the risk of ransomware events. That includes helping…

By now, plan fiduciaries and their service providers likely have heard about the DOL’s cybersecurity guidance. The Department of Labor’s stepping into cybersecurity in this way – a posting of best practices on the agency’s website – has left plan fiduciaries with some questions. Here are a few:

  • “When is this effective?”
  • “Does this

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In late May, New York Attorney General Letitia James announced a $200,000 settlement agreement with Filters Fast, an online water filtration retailer, stemming from a 2019 data breach compromising the personal information of over 300,000 consumers across the U.S., including nearly 17,000 in New York state.  The settlement also requires the online retailer to strengthen…

On May 12, 2021, the Biden Administration issued an Executive Order on “Improving the Nation’s Cybersecurity” (EO). The EO was in the works prior to the Colonial Pipeline cyberattack, reportedly a ransomware incident that snarled the flow of gas on the east coast for days. Ransomware attacks are nothing new, but they are increasing in…

Increased remote work due to the COVID-19 pandemic has only exacerbated privacy and cybersecurity concerns, and likely has not changed the finding in Experian’s 2015 Second Annual Data Breach Industry Forecast:

Employees and negligence are the leading cause of security incidents but remain the least reported issue.

A more recent state of the industry…

Today, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) issued much anticipated cybersecurity guidance for employee retirement plans. This comes more than four and a half years after the ERISA Advisory Council, a 15-member body appointed by the Secretary of Labor to provide guidance on employee benefit plans, shared with the federal…