Is Your Data Protected? A Look at Cybersecurity Regulations in the US and EU

Stephen Shine, Chief Regulatory Counsel, Prudential Financial, USA
Renee Wilson, Paralegal, Prudential Financial, USA

In recent years, cybersecurity has become one of the largest issues facing senior management and boards of directors in regulated industries. As technology progresses and the sophistication of hackers has grown, companies must increase measures to protect client data and initiate preventative measures to thwart cyber-attacks. Cyber-attacks, which tend to be more directed and intentional, are not the only technological issues companies face. Many companies also face issues of data breaches, which can be broader than cyber-attacks and often occur accidentally. Available evidence indicates that data breaches have occurred in approximately eighty to ninety percent of Fortune 500 companies and government agencies in the United States. From January 2005 through 2010, these data breaches have caused over 350 million records containing sensitive personal information to be compromised.

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USA Data Protection Banking & Finance September 2017 Vol.10, No. 40, Summer 2017

Stephen Shine

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Stephen J. Shine is the Chief Regulatory Counsel for Prudential Financial, a diversified financial services company. He was previously the Senior VP and Senior Regulatory Counsel with Prudential Securities Inc. and Prudential Equity Group, LLC. Prior to assuming those positions he supervised both senior in-house litigators. He is a former state and federal prosecutor who was responsible for the prosecution of significant securities, commodities, bank fraud and FCPA cases and was awarded the US Department of Justice Special Achievement Award. As a founding co-chair of the Securities Industry and Financial Markets Association (SIFMA) Anti-Money Laundering Committee he received the Securities Industry Association Distinguished Leadership Award in 2003. He has lectured, moderated, and chaired conferences on regulatory and money laundering issues worldwide. He recently conducted training sessions for regulators from the Peoples Republic of China, and the Russian Federation regulators.

Renee Wilson

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Renee Wilson is currently a senior paralegal in the Enterprise Regulatory Law Department at the Prudential Financial headquarters in Newark, NJ. In this role, she coordinates regulatory, cyber security, political law and privacy projects and initiatives, including assisting attorneys in achieving comprehensive, timely and accurate management results. She also tracks and monitors cybersecurity and privacy events, as well as draft individual and regulatory notice letters. She previously interned at the Newark Federal courthouse for Magistrate Judge Steve Mannion, where she prepared case notes and researched and drafted judicial opinions, bench memoranda, and court orders for a variety of federal matters. She presently works with Prudential’s Tenants Facing Eviction Pro Bono Clinic, in conjunction with Legal Services of New Jersey, Lowenstein Sandler and Volunteer Lawyers for Justice. Every month, several Prudential and Lowenstein attorneys consult with six to eight clients on issues ranging from eviction to unsafe housing conditions. As a volunteer paralegal, she assists with client intake, filing documents with the court clerks, and other administrative tasks as required. In addition, she also works with Seton Hall Law’s Pro Bono Clinic, under the supervision of Professor Bernard Freamon. In this role, she assists him with various cases ranging from criminal, to civil, to basic nonprofit document review. She conducts legal research and writing for criminal and civil matters, organizes evidence, and prepares exhibits and pleadings. She also works as a summer intern for Essex Newark Legal Services (ENLS) in its Elder Law Unit, where she assists with matters involving social security benefits, Medicaid denial, and the creation of wills and advanced directives. Renee is currently in her final year of law school at Seton Hall University School of Law, with an expected graduation date of December 2017. She also holds a Bachelor of Arts degree in English from Rutgers University New Brunswick, Douglas College and an MBA in Marketing Management from Southern Connecticut State University,

Prudential Financial

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.Prudential Financial, Inc., has helped individual and institutional customers grow and protect their wealth for more than 140 years. We have built our company on our proud heritage of life insurance and asset management expertise. Today, we are one of the world's largest financial services institutions, offering individuals and institutions in the United States, Asia, Europe, and Latin America a wide array of financial products and services, including life insurance, annuities, mutual funds, investment management, and retirement related services. We also have one of the most recognized and trusted brand symbols: The Rock ®, an icon of strength, stability, expertise, and innovation.

USA Data Protection Banking & Finance September 2017 Vol.10, No. 40, Summer 2017