On November 14, 2021, the Cyberspace Administration of China (CAC) released draft Regulations on the Management of Online Data Security (the “Regulations”) for China’s data privacy and security laws, including the Cybersecurity Law (CSL), Data Security Law (DSL), and Personal Information Protection Law (PIPL). Consistent with such laws, the Regulations broadly apply to processing […]
Cybersecurity
Federal Bank Regulatory Agencies Release Final Rule to Require Notification of Cyber Incidents
On November 18, 2021, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation jointly announced the approval of a final rule to improve the sharing of information about cyber incidents that may affect the U.S. banking system. The rule applies to […]
Department of Defense Suspends the CMMC Pilot Program And CMMC Requirements In DoD Solicitations Pending Major Changes For CMMC 2.0.
The Department of Defense (“DoD”) recently announced it will be revamping the nascent Cybersecurity Maturity Model Certification (“CMMC”) program pending two separate rulemaking processes. As detailed below, the DoD will be updating “the program structure and the requirements to streamline and improve implementation of the CMMC program.” We will be monitoring the rulemaking process for […]
FTC Revises the Safeguards Rule and Proposes Mandatory Reporting of Cybersecurity Events
On October 27, 2021, the FTC released its much-anticipated final revisions to the Gramm-Leach-Bliley Safeguards Rule (Safeguards Rule or Final Rule), following a 3-2 vote along party lines and also released a notice of proposed rulemaking that would require reporting to the FTC of certain cybersecurity events. Revisions to the Safeguards Rule Effective since 2003, […]
Treasury FinCEN Releases Financial Trend Analysis of Ransomware Trends in 2021
By Kim Peretti, Brian Frey, and Kristen Bartolotta On October 15, 2021 the Financial Crimes Enforcement Network (FinCen) of the Treasury Department issued a financial trend analysis on ransomware relating to Bank Secrecy Act (BSA) reporting filed in the first half of this year. FinCEN examined ransomware-related Suspicious Activity Reports (SARs) filed between January 1 […]