Data and cybersecurity breaches continue to be in the news on an almost daily basis as the variety and significance of cyber threats evolve. Many such attacks are focused on financial institutions, including as a critical infrastructure. Regulators in the United States, Europe and the UK are promulgating regulations to combat these new types of attack, thereby creating legal and compliance challenges for financial institutions. This is a fast developing area of risk, and response depends on understanding current best practices and the growing body of industry standards and regulatory expectations. Given the significant impact of these cyber attacks, legal and compliance departments need to be on the forefront of any financial institutions risk mitigation efforts.