+1 State. Data Security Requirements for Finance.

First came New York. Now comes Colorado promulgating cybersecurity rules on their financial sector. 

The Colorado proposal will apply to:

  • financial advisers
  • broker-dealers
  •  entities with state securities licenses

The Colorado rules will require securities licensees to:

  •  conduct an annual assessment of their cybersecurity risks
  • require written policies and procedures explaining how they are protecting clients’ personal and financial information

Bloomberg Law | Colorado Moving to Set Financial Adviser Cybersecurity Rule

Colorado’s Rulemaking Notice (2017)

3 Ways Smart Cities = Data Security Nightmare

The uptick in hacks as connectivity increases:

Smart technology adoption is high, but:

  • innovations are deployed without robust testing
  • cybersecurity is often neglected
  • security protocols are not kept current

A hypothetical hack of power systems impacting 93 Million in North America would cost:

 anywhere from $21 billion to $71 billion in damages.

Harvard Business Review | Smart Cities Are Going to Be a Security Nightmare

Lege Trend. 8 Elements. Data Breach Notification that outs the hackers.

South Africa recently enacted a new data breach notification law that requires companies to:

  • Notification by the company will have to factor in the needs of law enforcement
    • Delay is only permitted if it undermines or impedes an investigation
  • Companies are asked to restore the integrity of their information system.
  •  Notification itself must be in writing  either via email or regular mail 
  • Alternative notification if mail fails, is  prominent position on the website, published in the media; or as directed by the Information Regulator.
  • The notification must provide sufficient information to allow the person whose information was compromised to take protective measures against the potential consequences of the compromise.
  • Notice must describe measures taken by the company  to address the security breach
  • Notice must include recommendation on what measures  the person whose information was compromised should take to mitigate the possible adverse effects of the breach.
  • If known to the company, the identity of the unauthorised person who may have accessed or acquired the personal information must also be divulged to the data subject.

Business Tech | SA companies will soon be forced to tell customers of a data breach by law​

TREND. Fintech. Data Security. New Study. 3 Keys to Government Oversight.

Federal Agency Regulatory Oversight option(s):

  •  FTC
  •  Consumer Financial Protection Bureau
  •  Office of the Comptroller of the Currency

4 identified data security areas in fintech:

  • marketplace lenders
  •  mobile payments
  •  digital wealth platforms
  • distributed ledger technology

Balance data security protections with the 3 benefits of fintech:

  • lower costs
  •  faster service
  • expanded access to credit

The Recorder | GAO’s Fintech Report Highlights Data Security, Lack of Clarity on Regulatory Oversight

TREND: + 1 Governor Adding Cyber Security to Executive Branch

State: South Carolina

The Cyber Security Executive Level Entity: Critical Infrastructure Cybersecurity Executive Oversight Group

How was the Critical Infrastructure Cybersecurity Executive Oversight Group created? Executive order

 The Governor tasked the group with:

  • examine, enforce, and strengthen cybersecurity
  • aim to mitigate cyberattack

State Tech | South Carolina Establishes Cybersecurity Oversight Group

WISTV | McMaster looks to boost state’s cybersecurity through executive order

Texas School District. Hacked. Grades Change. 3 Key Points to Know.

How the Spring Branch School District school was hacked: with a stolen password

What did the hacker do once in the SBISD computer system: changed grades

Was the hacker caught?

  • Yes, the 10th grade student was arrested & charged with breaching a computer system, a state jail felony
  • The student offered to change other student grades for a fee

SC Media | Texas 10th grader hacks school network to change grades

KHOU | Student accused of changing grades at Memorial HS

Emergency Radio Signals Hacked. Pivot for Cyber Security Legislation.

When considering legislation to protect state infrastructure and emergency management systems, it has beeen revealed that the hack that led to the triggering of the Dallas emergency alarms was not a computer hack, but a hack of the radio signals.

State Tech | Dallas Reveals Radio Signals, Not Network Hack, Triggered Emergency Sirens