Monthly Archives: November 2021

The Federal Trade Commission has finalized amendments to the Standards for Safeguarding Customer Information (“Safeguards Rule”), specific to defined financial institutions, designed to strengthen security for consumer financial information following a recent uptick in data breaches.

The amendments contain four main modifications to the existing Rule that outline additional protections financial institutions must implement when handling sensitive consumer data.

• First, the amendments provide financial institutions with additional guidance regarding developing and implementing an information security program,…

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On November 3, 2021, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) added two Israeli entities to the Entity List due to malicious cyber activities. In its press release, BIS stated that the designation of Israeli companies NSO Group and Candiru was based on evidence that these entities developed and supplied spyware to foreign governments, which was then used for malicious surveillance,… More

The U.S Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published guidance to aid members of the virtual currency industry (ranging from tech companies to brokers to users) in complying with OFAC requirements. OFAC defines “virtual currency” to encompass non-sovereign, non-fiat currencies that can be used as a store of value or as a medium of exchange—a category inclusive of most cryptocurrencies, including common tokens such as Bitcoin or Ether.… More