Potential Bank Customer Data Exposed through Fiserv Platform Flaw

Security researchers and cybersecurity experts recently discovered a weakness in Fiserv’s web platform, which may have exposed the personal and financial details of customers across hundreds of internet banking sites. The flaw involved a messaging platform used by Fiserv to send account alerts to customers of Fiserv-affiliated banks. These alerts can be set up to

California Sets the Bar for Privacy with the Passage of The California Consumer Privacy Act of 2018 - Part IAs most people started to wind down for the July 4th holiday week, California was just ramping up its “as California goes” focus on data privacy. On June 28, 2018, California passed a comprehensive data privacy bill that has been touted as the strictest in the nation.

The good news first—businesses have until January

FFIEC Highlights Cyber Insurance for Financial InstitutionsThe Federal Financial Institutions Examination Council (FFIEC) has issued a joint statement emphasizing the need for lenders and servicers to include cyber insurance in their risk management program. Although the FFIEC did not announce new regulatory requirements or expectations, the announcement is further evidence of what most in the industry have already recognized: Cyber coverage

Five Privacy Practices Every Company Should Address in the Wake of the FTC’s Enforcement Action against PayPalPrivacy is serious business. This was made clear in the Federal Trade Commission’s (FTC) recent announcement that it had settled its complaint against Venmo, PayPal’s peer-to-peer payment service, for misrepresentations to consumers regarding privacy and security settings. Although the terms of the settlement do not become final until approval by the FTC on or about

Will Congress Upend Credit Reporting Agencies’ Cybersecurity Regulation in Light of Recent Data Breach?Senators Elizabeth Warren (D-Mass.) and Mark Warner (D-Va.) introduced the Data Breach Prevention and Compensation Act on January 10, 2018 in an effort to increase accountability of large Credit Reporting Agencies (CRAs) for data breaches involving consumer data. The bill, drafted in response to the September 2017 Equifax data breach revelations, seeks to impose direct

Parallel Universe or Coincidence: The CFPB’s New Data Consumer Protection Principles’ Relationship to GDPROn October 18, 2017, the Consumer Financial Protection Bureau (CFPB) outlined nine non-binding Consumer Protection Principles (the Principles) for the access and sharing of consumer information between third-party companies. The Principles focus on the consumer experience, specifically consumers’ enhanced control over their financial lives.

The CFPB envisions a marketplace in which consumers are in the

Foreign No More: Transferring Data on Demand U.S. Companies and GDPR Data PortabilityMuch has been written about the consternation and concern of businesses around the world regarding the European Union’s General Data Protection Regulation (GDPR), which takes effect on May 25, 2018. The GDPR applies to companies operating within the EU that control or process data. Notably, it also applies to companies outside the EU that offer

CFPB Walks the Data Privacy Tightrope on Public HMDA DisclosuresIn the wake of the Equifax data breach, consumers, companies, and regulators alike are cognizant of the potential exposure of personal information, and many companies are looking at ways to decrease the risk of unauthorized disclosure of personal data. In creating effective data privacy policies and procedures, companies must also analyze requirements under certain statutes