Malware
Financial Organizations Must Send Data Breach Notifications Within 30 Days: Urgent Compliance Update
The US Securities and Exchange Commission (SEC) has issued guidelines requiring financial organizations to report data breaches within 30 days. The rules aim to protect investors from cyber threats, ensuring they are informed of any potential risks. Failure to comply may result in enforcement actions by the SEC.
![Financial Organizations Must Send Data Breach Notifications Within 30 Days: Urgent Compliance Update 1](https://it-services.com/wp-content/uploads/2024/05/Financial-Organizations-Must-Send-Data-Breach-Notifications-Within-30-Days.jpg)
Did you know that the Securities and Exchange Commission (SEC) recently updated its rules on how financial institutions handle data breaches? If you’re interested in cybersecurity, this is huge news! The new amendments to Regulation S-P now require certain financial institutions to disclose data breach incidents to impacted individuals within 30 days of discovery. Pretty cool, right?
Regulation S-P: What’s changed?
Introduced in 2000, Regulation S-P controls how some financial entities must treat nonpublic personal information belonging to consumers. This includes developing and implementing data protection policies, confidentiality, and security assurances, and protecting against anticipated threats.
The new amendments adopted earlier this week impact financial firms, such as broker-dealers, investment firms, registered investment advisers, and transfer agents. These changes were proposed in March last year to modernize and improve the protection of individual financial information from data breaches and exposure to non-affiliated parties.
Key changes in the amendments include:
- Notification within 30 days: Affected individuals must be notified within 30 days if their sensitive information is, or is likely to be, accessed or used without authorization. Details of the incident, breached data, and protective measures taken should be included. An exemption applies if the information isn’t expected to cause substantial harm or inconvenience to the exposed individuals.
- Incident response program: Develop, implement, and maintain written policies and procedures for an incident response program to detect, respond to, and recover from unauthorized access or use of customer information. This should include procedures to assess and contain security incidents, enforce policies, and oversee service providers.
- Expanded safeguards and disposal rules: Extend these rules to cover all nonpublic personal information, including that received from other financial institutions.
- Documentation of compliance: Require documentation of compliance with safeguards and disposal rules, excluding funding portals.
- Annual privacy notice delivery alignment: Align this with the FAST Act, exempting certain conditions.
- Extension to transfer agents: Extend safeguards and disposal rules to transfer agents registered with the SEC or other regulatory agencies.
These modifications represent an important update to a rule that was first adopted in 2000 and can no longer adequately protect customers’ financial data privacy in today’s cybersecurity landscape.
Why is this important?
As SEC Chair Gary Gensler said, “Over the last 24 years, the nature, scale, and impact of data breaches has transformed substantially.” These amendments to Regulation S-P will help protect the privacy of customers’ financial data and ensure that financial institutions are held accountable for their cybersecurity practices.
These changes will take effect 60 days after publication in the Federal Register, the official journal of the U.S. federal government. Larger organizations have a compliance date of 18 months after the modifications are published in the Federal Register, while smaller entities have two years to comply.
In addition to these changes, the SEC also introduced new rules in December, requiring all public companies to disclose that they suffered a breach if it materially affected or is reasonably likely to materially affect their business strategy, results of operations, or financial condition.
Stay informed and protect your data
As cybersecurity threats continue to evolve, it’s essential to stay informed and take the necessary steps to protect your personal and financial information. We’re here to help you navigate the ever-changing world of cybersecurity. If you have any questions or concerns, please don’t hesitate to reach out to us. Together, we can ensure your data remains safe and secure. And remember, always come back for the latest news and updates on cybersecurity!
Malware
Avis Reveals Massive Data Breach: Customer Information Compromised in Car Rental Empire
Car rental company Avis recently disclosed a data breach affecting customer data. The breach exposed sensitive information such as names, addresses, and phone numbers. Protect your personal information by staying vigilant and monitoring your accounts for any suspicious activity.
![Avis Reveals Massive Data Breach: Customer Information Compromised in Car Rental Empire 14](https://it-services.com/wp-content/uploads/2024/09/Avis-Reveals-Massive-Data-Breach-Customer-Information-Compromised-in-Car.jpeg)
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Did you hear the news? American car rental giant Avis recently informed customers that cybercriminals breached one of its business applications last month and stole some of their personal information.
According to data breach notification letters sent to impacted customers and filed with California’s Office of the Attorney General, Avis took action to stop the unauthorized access and launched an investigation with the help of external cybersecurity experts after learning of the breach on August 5th.
What did the investigation uncover?
The investigation revealed that the attacker had access to Avis’s business application from August 3rd to 6th. The company managed to evict the malicious actor from its systems and blocked its access on August 6th. On August 14th, it also discovered that the attacker stole some customers’ personal information, including their names and other undisclosed sensitive data.
Since the breach, Avis says it has worked with outside experts to strengthen security measures for the affected application and implemented additional safeguards across its systems.
What has Avis done to protect its customers?
Avis has been actively reviewing security monitoring and controls to bolster security defenses and warned customers of identity theft and fraud risks following the data breach. The company advised those whose personal information was stolen to remain vigilant against threats of identity theft or fraud. They suggested customers do this by regularly reviewing and monitoring their account statements and credit history for any signs of unauthorized transactions or activity and contacting credit reporting agencies if they suspect any unauthorized activity.
Moreover, Avis offered those affected a free one-year membership to Equifax’s credit monitoring service, which provides assistance with identity theft detection and resolution.
About Avis and its global presence
Avis is a subsidiary of Avis Budget Group, a leading global mobility solutions provider that also owns Zipcar, the world’s leading car-sharing network. Its Avis and Budget car rental brands operate over 10,000 rental locations in 180 countries across North America, Europe, and Australasia. Avis Budget Group has reported more than $3.0 billion in revenues for the second quarter of 2024.
We reached out to Avis for more information about the attack’s nature, the number of affected customers, and the other personal information stolen in the breach, but the company has not responded yet.
Stay informed and protected
Cybersecurity is more important than ever, and we at IT Services are dedicated to helping you stay informed and protected. We encourage you to keep coming back to learn more about the latest cybersecurity news and trends. Together, we can make the digital world a safer place for everyone. If you have any questions or concerns, don’t hesitate to contact us!
Malware
Massive Data Breach Exposed: Business Powerhouse CBIZ Reveals Customer Information Compromised
CBIZ, a leading provider of business services, has disclosed a data breach affecting customer information. The breach occurred when an unauthorized third party accessed an employee’s email account, potentially compromising clients’ names, addresses, and Social Security numbers. CBIZ is offering free credit monitoring services to affected clients and has implemented additional security measures.
![Massive Data Breach Exposed: Business Powerhouse CBIZ Reveals Customer Information Compromised 15](https://it-services.com/wp-content/uploads/2024/09/Massive-Data-Breach-Exposed-Business-Powerhouse-CBIZ-Reveals-Customer-Information.jpg)
Imagine waking up one day to find out that your personal information has been stolen by hackers. Your name, contact details, social security number, date of birth, and even your health information are now in the hands of cybercriminals. This nightmare scenario recently became a reality for thousands of people when a major U.S. company fell victim to a data breach.
CBIZ: A Cybersecurity Wake-up Call
CBIZ Benefits & Insurance Services (CBIZ), one of the largest professional services companies in the United States, recently disclosed a significant data breach involving unauthorized access to client information stored in specific databases. This management consulting company, which provides financial and benefits and insurance services to various organizations and individual customers, reported that a threat actor exploited a vulnerability in one of its web pages and stole customer data between June 2 and June 21.
Upon discovering the intrusion on June 24, CBIZ launched an investigation with the help of cybersecurity professionals. They found that an unauthorized party was able to exploit a vulnerability associated with one of its web pages and acquire information from certain databases during the three-week period. To put things in perspective, CBIZ operates 120 offices across the country, employs 6,700 people, and recorded a revenue of $1.59 billion in 2023.
What Was Stolen?
Hackers managed to steal information belonging to nearly 36,000 individuals. The compromised data includes:
- Name
- Contact details
- Social Security number
- Date of birth/death
- Retiree health information
- Welfare plan information
Protecting Yourself and Your Data
CBIZ began sending personalized notifications to impacted clients on August 28, informing them of the breach. While the company has no evidence that the stolen data has been misused, they are offering guidance on how to enroll in a two-year credit monitoring and identity theft protection service to reduce potential risk. Additionally, impacted clients are advised to consider placing a credit/security freeze and adding a fraud alert to their credit report.
This incident serves as a stark reminder of the importance of cybersecurity and the need to protect our personal information. Cyberattacks are becoming more frequent and sophisticated, and businesses of all sizes must take the necessary precautions to safeguard their customers’ data. As individuals, we must also stay informed and vigilant to protect ourselves from the consequences of data breaches.
Don’t Be a Victim: Stay Informed and Take Action
Here at IT Services, our mission is to help you stay ahead of cyber threats. We provide the latest news, updates, and resources on cybersecurity to help you protect your digital footprint. Whether you’re a business owner or an individual user, knowledge is power when it comes to defending against cyberattacks. So don’t wait for a wake-up call like CBIZ – take action now to secure your digital life.
Stay informed and keep coming back to learn more. And remember, if you have any concerns or questions about cybersecurity, we’re here to help. Don’t hesitate to contact us for expert advice and support.
Malware
DICK’S Sporting Goods Halts Email & Locks Employee Accounts Following Intense Cyberattack
US retailer Dick’s Sporting Goods suffered a cyberattack, prompting the company to shut down employee email accounts and reset passwords. Discover how the attack unfolded and what measures the company is taking to prevent future incidents.
![DICK'S Sporting Goods Halts Email & Locks Employee Accounts Following Intense Cyberattack 16](https://it-services.com/wp-content/uploads/2024/08/DICKS-Sporting-Goods-Halts-Email-Locks-Employee-Accounts-Following.jpg)
Last Wednesday, DICK’S Sporting Goods, the largest chain of sporting goods retail stores in the United States, discovered a cyberattack that exposed confidential information. With $12.98 billion in revenue in 2023 and over 857 stores across the country, this breach impacts a significant number of people.
Responding to the Cyberattack
In a filing with the U.S. Securities and Exchange Commission (SEC), DICK’S has hired outside cybersecurity experts to help contain the security breach and assess the impact. The company stated, “On August 21, 2024, the Company discovered unauthorized third-party access to its information systems, including portions of its systems containing certain confidential information.”
As soon as the incident was detected, DICK’S activated its cybersecurity response plan and engaged external cybersecurity experts to investigate, isolate, and contain the threat.
Keeping Information Under Wraps
According to an anonymous source, the company has been tight-lipped about the breach and has instructed employees not to discuss it publicly or put any information in writing. The same source revealed that email systems had been shut down, likely to isolate the attack, and all employees were locked out of their accounts. IT staff is now manually validating employees’ identities on camera before granting access to internal systems.
In an internal memo, DICK’S informed employees that most of them no longer have access to their systems due to a “planned activity” and that team leaders will contact them via personal email or text for further instructions.
Business Operations Unaffected
Phone lines at local stores are currently down due to the incident, but the company has reported no disruption to their business operations to date. In their SEC filing, DICK’S stated, “The Company has also notified federal law enforcement. The Company has no knowledge that this incident has disrupted business operations. The Company’s investigation of the incident remains ongoing.”
Although the company believes the incident is not material at this point, the investigation is still in progress, and the full impact remains to be seen.
What You Can Do
Cybersecurity is a critical concern for businesses and individuals alike. We at IT Services are committed to keeping you informed and protected. Stay tuned for updates on this situation, and don’t hesitate to reach out to us for advice and assistance in safeguarding your personal and professional information. Let’s work together to stay one step ahead of cyber threats.
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