In the context of a half day program dedicated to the cyber threat landscape within the financial services sector, LSW partner Katie Lemire joined a Practising Law Institute panel on cybersecurity compliance to share her expertise on risk management strategies for financial services institutions. 

Cyberattacks against the financial services industry and third-party entities that support the financial services sector continue to create legal and regulatory risks, resulting in significant business costs. As cyber threats and regulatory frameworks continue to evolve in the financial services sector, the need to manage these risks effectively has become increasingly important to boards and management of financial services firms.

Katie’s comments analyzed practical strategies for legal, compliance and risk managers responsible for addressing the current cyber threat landscape and related regulatory expectations for the financial services sector.  The panelists emphasized risk reduction strategies for managing and maintaining strong cybersecurity compliance programs and related risk management processes. 

Topics included:

• NYDFS amendments to Part 500 cybersecurity regulation;
• SEC cybersecurity rules;
• FTC’s Safeguards rule;
• Federal Banking Agencies’ cybersecurity requirements and guidance;
• Corporate best practices for managing a cybersecurity compliance program that addresses the current threats landscape and regulatory environment;
• Mitigation strategies for addressing cybersecurity incidents;
• Risk management strategies within third-party vendor management programs;
• Risks of artificial intelligence models within a corporate compliance program and risk management system;
• The current landscape for purchasing cyber insurance and the role of compliance program elements in the pricing of cyber insurance.

 

PLI is a nonprofit learning organization dedicated to keeping attorneys and other professionals at the forefront of knowledge and expertise.