The Department of Defense recently provided some clarity on the timeline for implementation of its Cybersecurity Maturity Model Certification (CMMC) program. The DoD now expects to complete documentation to submit to the Office of Management and Budget for its rulemaking process by July 2022. And, it plans to issue interim final rules by March 2023. If DoD sticks to this new timeline, the CMMC requirements could begin appearing in solicitations for government contracts as early as May 2023 (60 days after the rules are published).
The May 1 change to banks’ cyber-notification process is fast approaching. As we wrote previously the OCC, FDIC, and Federal Reserve Board implemented a final rule under which banks and their service providers must notify their primary federal regulators within 36 hours of certain incidents. A notification incident that triggers this requirement is defined as a computer security incident that materially disrupts a banking organization’s operations or lines of business. Thus not all incidents will meet these levels. For those that do, banks will need to be prepared. Part of that is having the right points of contact, which include:…
Continue Reading On the Clock: Cyber Incidents Notification Deadline Approaching for Banks
Indiana has made a minor amendment to its data breach notification law. Starting July 1, companies who are obligated to notify under the law must do so (to affected individuals and the Indiana Attorney General) without unreasonable delay, but no later than 45 days after discovery of the breach. This changes the current time frame, which is “without unreasonable delay.” Indiana joins many other states that impose a specific timing requirement, in particular no later than 45 days after determining there has been a breach. For example, Alabama, Maryland, Ohio, and Wisconsin (among several others) all require notice to individuals no later than 45 days from discovery.
Continue Reading Indiana Breach Notification Law Amended, Changes Effective July 1, 2022
President Biden recently signed into law the Cyber Incident Reporting for Critical Infrastructure Act of 2022 as a part of a larger omnibus appropriations bill. The new law sets out mandatory reporting requirements for critical infrastructure entities in the event of certain cyber incidents and ransomware payments. Under the Act, once implementing regulations are issued (which are not expected this year) covered entities will be subject to two new reporting requirements: …
Continue Reading Cybersecurity Act Signed Into Law Creates New Reporting Obligations
NIST recently released several key deliverables relating to cybersecurity. These focus on secure software development and new consumer labeling programs as contemplated by President Biden’s Executive Order 14028, which seeks to implement multiple new practices to improve the Nation’s cybersecurity.
Continue Reading NIST Releases New Guidance on Software Security and Cybersecurity Consumer Labeling Programs
In light of Russia’s recent military actions in Ukraine, the New York Department of Financial Services issued guidance on its cybersecurity and virtual currency regulations. The Department is specifically concerned about heightened risk for Russia’s cyberattacks against Ukraine, which could in turn lead to retaliatory attacks against U.S. critical infrastructure due to U.S. sanctions against Russia.
Continue Reading NYDFS Issues Cybersecurity Guidance in Response to Events in Ukraine
President Biden recently signed a National Security Memorandum on cybersecurity. This memorandum was required by an earlier executive order, which we previously have discussed here. The new memorandum (NSM) requires certain network cybersecurity measures for any government information system that is used for highly sensitive national security purposes. The requirements go into effect on a rolling basis over the next 6 months.
Continue Reading White House Focuses on Improving the Cybersecurity of National Security Systems
The SEC recently announced a settlement with Pearson plc where the company has agreed to pay $1 million to settle charges that it misled investors about a 2018 cyber incident. According to the order, Pearson made misleading statements and omissions about a 2018 data breach involving the theft of student data and administrator credentials in its July 2019 semi-annual report.
Continue Reading SEC Fine Highlights Importance of Cybersecurity Disclosures
The Department of Labor recently issued cybersecurity guidance to retirement plans. The department’s Employee Benefits Security Administration (EBSA) issued guidance in three areas: (1) hiring and working with vendors and service providers; (2) implementing an internal cybersecurity program for the plan; and (3) online security for plan participants and end-users.
Continue Reading Cybersecurity Guidance Issued to Retirement Plan Sponsors
NYDFS Issues Supply Chain Management Guidance
The New York State Department of Financial Services recently issued recommendations to financial institutions in the aftermath of the SolarWinds cyberattack. In that attack, hackers inserted malware into SolarWinds software which was then distributed to SolarWinds’ customers (many of which were financial institutions). After discovery, SolarWinds released a series of hot fixes to address vulnerabilities in their software associated with the attack. Although NYDFS found that most companies responded quickly to patch the vulnerabilities, it did identify additional steps to reduce supply chain risk:…
Continue Reading NYDFS Issues Supply Chain Management Guidance
NIST has now finalized its guidance providing important information on selecting both security and privacy control baselines for the Federal Government. The guidance is available here: Special Publication 800-53B, Control Baselines for Information Systems and Organizations. As we previously discussed when the draft version was released, these control baselines are from NIST Special Publication 800-53, and have been moved to this separate publication as a consolidated catalog of privacy and security controls. While the implementation of a minimum set of controls is required for protecting federal information systems, NIST envisions that these control baselines can be implemented by any organization that processes, stores, or transmits information.
Continue Reading NIST Finalizes Guidance on Security and Privacy Control Baselines – SP 800-53B