Year: 2022

FTC Updates to “Safeguards Rule” Has Impacts for Higher Education Institutions

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On December 9, 2021, the FTC published a final rule amending the requirements for safeguarding customer information under the Gramm-Leach-Bliley Act (GLBA). The Safeguards Rule has long established cybersecurity standards under which customer information must be maintained by financial institutions, which include all higher education institution that participate in the federal student financial aid programs authorized by Title IV of the Higher Education Act of 1965, as amended.

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Department of Commerce Seeks Public Comment on a Range of Broadband Infrastructure Issues Arising from the 2021 Infrastructure Investment and Jobs Act

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On the eve of the U.S. Senate’s confirmation of Alan Davidson as the new Administrator of the National Telecommunications and Information Administration (NTIA), NTIA published a request for public comments on January 10, 2022, on a range of broadband infrastructure issues, paving the way for Davidson’s reported top priority in his term. The request is the first of a series, which together are to establish three new NTIA programs under the appropriations from the November 2021 Infrastructure Investment and Jobs Act: the Broadband Equity, Access, and Deployment (BEAD) Program, the “Middle Mile Infrastructure” Program, and the Digital Equity Inclusion Program.

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U.S. Cybersecurity Officials Issue New Warning Regarding Threats to Critical Infrastructure

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On January 11, 2022, the U.S. Department of Homeland Security’s Cyber Security and Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI), and the National Security Agency (NSA) issued a joint advisory, warning of an increasing cybersecurity threat posed by Russian state-backed threat actors to U.S. critical infrastructure.

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Log4j Vulnerability Prompts Insurance Commissioners to Issue Guidance

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On December 11, 2021, the Cybersecurity and Infrastructure Security Agency, in partnership with the FBI and NSA, announced a critical remote code execution vulnerability had been identified in the Apache Log4j software library. This vulnerability allowed a successful threat actor to take control of a network system and cause a variety of damage, including the ability to launch ransomware, steal and destroy victim information, deploy malware, and disrupt internal and infrastructure operational control. Insurance regulators from four states have recently issued guidance in response to the threat, and it is likely more insurance commissioners will follow suit.

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Faegre Drinker on Law and Technology Podcast: All Things Cyber Insurance

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Cyber criminals are becoming increasingly sophisticated, and the costs to mitigate damage inflicted by a cyber breach are rising. With these threats in mind, cyber insurance has emerged as an attractive way for companies to mitigate risk. In this episode of the Faegre Drinker on Law and Technology Podcast, host Jason G. Weiss sits down with his Faegre Drinker colleague David Porteous, an authority on the securities regulations related to cybersecurity, and Conrad Deneault, a cyber insurance executive and provider of consultative risk management, to discuss cybersecurity regulation and enforcement efforts in the financial services industry as well as insurance coverage.

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