The hearing also explored potential reforms to the Gramm-Leach-Bliley Act to ensure effective and uniform financial data privacy protections for consumers in today’s evolving financial services landscape, while safeguarding innovation and promoting competition.
Lawsuits over how businesses collect and use data have surged, driven largely by aggressive plaintiff’s attorneys leveraging decades-old privacy laws in modern contexts.
Although the NYDFS Cyber Regulations may not apply directly to your business, independent insurance agencies operating in other jurisdictions could still see impacts.
The Big “I” voiced its support for keeping state insurance regulators in charge of implementing and enforcing federal privacy standards and adopting any necessary sector-specific guidance within the insurance industry.
As the cyber threat landscape becomes more complex, preparedness against cyber risks is declining with only 73% of U.S. business leaders feeling resilient against the cyber risk.
The legislation would establish national standards for data privacy and security, requiring certain entities to be transparent about how they use data and give consumers the right to access, correct, delete and export their data.
The global average breach cost reached $4.45 million, with detection and escalation the most expensive component—indicating a shift toward more extended and complex investigations.
Two top House committees considered legislation that would impact how agents and brokers conform with national data privacy laws and standards.
