As part of a series of measures aimed at increasing preparedness and defenses against international cyberattacks on U.S. industries and government agencies, on April 1, President Obama issued Executive Order No. 13694, authorizing the Treasury Department’s Office of Foreign Assets Control (OFAC) to sanction foreign individuals or entities committing such attacks. The new sanctions will allow the Treasury Department to block or freeze the assets of those outside the U.S. engaging in malicious cyber activities that threaten the national security, foreign policy and financial stability of the U.S. Once OFAC designates… More
We welcome this guest blog by Gene Fry, Compliance Officer, Scrypt, Inc.
The Health Insurance Portability and Accountability Act (HIPAA) sets the standard for protecting sensitive patient data. This means that any covered entity (CE) or business associate (BA) that deals with protected health information (PHI) must ensure that all the required physical, network, and process security measures are in place and followed. The HIPAA Privacy Rule addresses the storage, accessing and sharing of PHI, whereas the HIPAA Security Rule outlines the security standards which protect health data created, received, maintained or transmitted electronically; known as electronic protected health… More
Smart grids – electrical grids that allow two-way communication between utilities and consumers – represent an exciting frontier in the Internet of Things, with ramifications for energy efficiency, weather resiliency and climate change, among others. As the Department of Energy writes, “[t]he Smart Grid represents an unprecedented opportunity to move the energy industry into a new era of reliability, availability, and efficiency that will contribute to our economic and environmental health.”
But like many aspects of the Internet of Things, smart grids also present privacy concerns. Few people fret about the privacy of their monthly electric bill, but smart meters… More
Concluding our three-part analysis of the White House’s first Summit on Cybersecurity and Consumer Protection, we turn to some practical advice coming out of the Summit’s afternoon session, including an address by Maria Contreras-Sweet, the administrator of the Small Business Administration (“SBA”), and a panel discussion among financial sector leaders moderated by Deputy Treasury Secretary Sarah Bloom Raskin.
Here are five takeaways for companies large and small:
Companies are only as secure as their most vulnerable employee. In the course of the panel discussion, Mike George, CEO of QVC, elaborated on how training and constant vigilance were at the… More
As a follow up to our summary of the key takeaways from the White House’s first Summit on Cybersecurity and Consumer Protection, the centerpiece of which was President Obama’s signing of a new Executive Order, “Promoting Private Sector Cybersecurity Information Sharing,” what follows is an analysis of that Order.
What does the Order actually do?
The Order “promotes…encourages…and…allows” but does not require anything. Specifically, it creates a voluntary framework for the formation of Information Sharing and Analysis Organizations (“ISAOs”). Per the Order, the Department of Homeland Security (“DHS”) will “engage in continuous, collaborative, and inclusive coordination” with ISAOS to… More
The first ever Summit on Cybersecurity and Consumer Protection was convened today at Stanford University, keynoted by President Obama. The purpose of the summit: to “bring together major stakeholders on consumer financial protection issues to discuss how all members of our financial system can work together to further protect American consumers and their financial data.” These stakeholders, a number of public and private sector leaders, preceded the President with several speeches and panels. Here are some key takeaways from these earlier speakers, as well as a brief look at President Obama’s remarks:
Collaboration is front and center. As… More
Our colleagues Catherine M. Anderson and Kate Leonard of our Investment Management group have summarized the February 3, 2015 findings by the Office of Compliance Inspections and Examinations (OCIE) of its Cybersecurity Examination Sweep, which sought to evaluate the breadth of cybersecurity policies implemented by investment advisers (as well as by broker-dealers). For more details on the sweep, see our previous Foley Adviser update: SEC Issues Risk Alert on Cybersecurity Initiative for Investment Advisers.
The released report examines the varying degrees of preparedness of firms, steps taken to combat cybersecurity threats, the incidence of such threats,… More
The SplashData list of worst passwords of 2014 was just published, and it looks very similar to the list in 2013, 2012, 2011, etc.:
Rank Password Change from 2013 1 123456 No Change 2 password No Change 3 12345 Up 17 4 12345678 Down 1 5 qwerty Down 1 6 123456789 No Change 7 1234 Up 9 8 baseball New 9 dragon New 10 football New 11 1234567 Down 4 12 monkey Up 5 13 letmein Up 1 14 abc123 Down 9 15 111111 Down 8 16 mustang New 17 access New 18 shadow Unchanged 19 master New 20… More
Data privacy and security have never been more top of mind for business than they are right now. As I noted in this article in Law360:
“The outlook in 2015 is that we’ll have more breaches, but I think we’ll also continue to have more conversations as people get used to breaches as a way of life about what we expect to be kept private, and how we want to confront that…. Because the attacks are becoming increasingly difficult to prevent, how fast a company is able to respond and shut down an attack is key, because that means… More
In an age when many of us briskly scroll through website terms and conditions and check, “I agree” without thinking, how should businesses design their websites to obtain proper authorization to access users’ sensitive information? The announcement of the settlement of a pair of recent FTC complaints against PaymentsMD, a medical billing services provider and its former CEO, and the resulting settlement, provide some important guidance, at least with regard to health information practices. In that settlement, the Atlanta-based health billing company and its former CEO settled charges that they misled thousands of consumers who signed up for… More