The Gramm-Leach-Bliley Act (“GLBA”) was a bi-partisan regulation passed by Congress in 1999 in an attempt to update and modernize the financial industry. One component of the GLBA, its Safeguards Rule, requires financial institutions to establish measures to keep their customers’ private information secure.Read More

As internet users become savvier about identifying cyber threats, cyber-criminals continue to finesse their attacks.Read More

It is possible that the FTC is indeed signaling that, should Congress fail to pass an umbrella federal statute governing privacy and data security, it will fill that federal void on its own.Read More

Hackers are taking advantage of the health scare to spread their own infections, including creating malicious Coronavirus-related domains and selling malware to other hackers on the dark web. Hackers will use society’s desire of having information on the latest developments. The danger of falling prey to phishing...Read More

The concept of trespass may seem strange when it comes to public websites. If visiting a public (not password-protected) site is as simple as clicking on a link from a search engine or typing in a web address, one would think the site is presumptively open to the public, like a park, library, or mall. It’s unclear whether that’s...Read More

On Friday, May 12, 2017, governments, businesses and individuals were shocked when a ransomware attack known as WannaCry rapidly spread through cyberspace like a global pandemic.  Businesses and individuals in more than 100 countries experienced compromised systems, with ransom demands ranging $300 to $600. The WannaCry...Read More

In its January 4, 2017 Regulatory and Examination Priorities Letter, FINRA identified cybersecurity as a top priority, stating it is “one of the most significant risks many firms face.” Firms, be prepared, FINRA is expected to execute more cybersecurity examinations than in years past.Read More

In response to intense industry criticism, on December 28, 2016, the New York State Department of Financial Services relaxed its approach and announced its updated cybersecurity regulation. The updated cybersecurity regulation is under a 30-day notice and comment period, which expires later this month.Read More

Today, FINRA fined 12 firms $14.4 million for failing to maintain millions of electronic records in “write once, read many” (WORM) format. FINRA’s recent flurry of enforcement activity is a clear signal that regulators will amplify their focus on firms to ensure the safeguarding of confidential customer data and the...Read More

On December 2, 2016, the Office of the Comptroller of the Currency announced that it will be moving forward with considering applications from financial technology (fintechs) companies to become special purpose national banks. Jennifer Newton explains what this decision means for fintechs.Read More

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Shutts & Bowen, established in 1910, is a full-service business law firm with approximately 300 lawyers located in eight offices across Florida.

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