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Cybersecurity › Department of Financial Services

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +
Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now.   less -
Jackson Lewis P.C.

New York’s Department of Financial Services Moves to Further Bolster Cybersecurity Requirements

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The New York Department of Financial Services (DFS) has been increasingly active in enforcing the rigorous cybersecurity requirements imposed on “covered entities” under 11 NYCRR Part 500 (Reg 500). DFS has published an...more

Jackson Lewis P.C.

NYSDFS Fines Lender and Mortgage Servicer $4.25M for Cybersecurity Failures Including Vendor Management

Jackson Lewis P.C. on

Yesterday, New York’s Department of Financial Services (“DFS”) announced another enforcement action under the state’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R. Part 500 (“Reg 500”). According...more

Rivkin Radler LLP

DFS Warning Of Widespread Data Breach

Rivkin Radler LLP on

Sometimes a comprehensive overview is needed to recognize that individual anomalous conduct is indicative of a criminal scheme. Recently, the Department of Financial Services (DFS) looked at an unusual pattern of interaction...more

Rivkin Radler LLP

DFS Provides Framework For Cybersecurity Risk

Rivkin Radler LLP on

On February 4, 2021, New York’s Department of Financial Services (DFS) issued Insurance Circular Letter No. 2, which builds on the robust cybersecurity regulation provided in its 2017 Cybersecurity Regulation (23 NYCRR 500)....more

Hinshaw & Culbertson - Insights for Insurers

New NYS DFS Cyber Insurance Risk Framework Warns Against Ransom Payments, Includes Notice to Law Enforcement Policy Requirement

Hinshaw & Culbertson - Insights for Insurers on

The New York State Department of Financial Services (DFS) has issued guidance imposing rigorous cyber risk measurement and management practices on NY-regulated property/casualty insurers that write cyber insurance. The...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - September 2020

Troutman Pepper on

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

Katten Muchin Rosenman LLP

The Wait is Over: New York Department of Financial Services Files First Enforcement Action Under Cybersecurity Regulation

Katten Muchin Rosenman LLP on

Key Points - - For the first time, New York's top banking and insurance regulator filed an enforcement action under the New York State Department of Financial Services (DFS) Cybersecurity Regulation (the Regulation). - DFS'...more

Akin Gump Strauss Hauer & Feld LLP

First Enforcement Action by New York Department of Financial Services Under Cybersecurity Regulation

Akin Gump Strauss Hauer & Feld LLP on

On July 21, 2020, the New York Department of Financial Services (DFS) filed a “Statement of Charges and Notice of Hearing” (the “Charges”) against First American Title Insurance Company (the “Company”) alleging violations of...more

ArentFox Schiff

New York Requests Preparedness Plans to Manage COVID-19 Risk

ArentFox Schiff on

On March 10, 2020, the New York Department of Financial Services issued Insurance Circular Letter No. 5, titled “Guidance to Department of Financial Services Regulated Insurance Entities and Request for Assurance Relating to...more

Akin Gump Strauss Hauer & Feld LLP

New York State Department of Financial Services Extends Deadline for Certification of Compliance Filings

Akin Gump Strauss Hauer & Feld LLP on

NYDFS Extends Deadline to File Certificate of Compliance Under Cybersecurity Regulation in Light of COVID-19 Crisis Given the ongoing COVID-19 pandemic, the New York State Department of Financial Services (NYDFS) extended...more

Manatt, Phelps & Phillips, LLP

FDIC, OCC, DFS Warn Financial Industry About Cyberattacks

Manatt, Phelps & Phillips, LLP on

In new alerts, both state and federal regulators are cautioning the financial services industry about heightened cybersecurity risk amid a climate of increased geopolitical tensions....more

Manatt, Phelps & Phillips, LLP

Innovation Oversight: From the DFS to FinCEN to Lawmakers

Manatt, Phelps & Phillips, LLP on

In regulatory oversight news, the New York Department of Financial Services (DFS) announced the creation of a new Cybersecurity Division and the Financial Crimes Enforcement Network (FinCEN) launched an Innovation Hours...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - February 2019

Skadden, Arps, Slate, Meagher & Flom LLP on

In this month's edition, we examine a judge's ruling allowing an investor suit against Equifax, the dismissal of a class action against the insurer CareFirst and President Donald Trump's launch of a federal artificial...more

Sheppard Mullin Richter & Hampton LLP

New York Department of Financial Services Releases Letter Regarding Third Party Data Sources

Sheppard Mullin Richter & Hampton LLP on

In a recent letter, the New York Department of Financial Services provided guidance for insurers who use third party data to help with their underwriting decisions. The letter was drafted in response to reports that insurers...more

Moore & Van Allen PLLC

NYS DFS September 4, 2018 Cybersecurity Compliance Deadline

Moore & Van Allen PLLC on

Tuesday, September 4, 2018 marked the New York State Department for Financial Service’s deadline for compliance with several sections of cybersecurity regulation 23 NYCRR 500 (the “Regulation”). The Regulation covers any...more

Hinshaw & Culbertson LLP

Governor Cuomo Mandates Compliance by Credit Reporting Agencies with Sweeping New Cybersecurity Requirements

Hinshaw & Culbertson LLP on

New York Governor Andrew Cuomo has issued a final regulation that requires credit reporting agencies doing business in New York to register annually with the Department of Financial Services (DFS) and also to comply with...more

Manatt, Phelps & Phillips, LLP

New Guidance From SEC, New York’s DFS

Manatt, Phelps & Phillips, LLP on

Hoping to help covered entities, the Securities and Exchange Commission (SEC) released an update on cybersecurity while New York’s Department of Financial Services (DFS) published guidance for licensed virtual currency...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - February 2018

Skadden, Arps, Slate, Meagher & Flom LLP on

In this month's edition of our Privacy & Cybersecurity Update, we examine the Identity Theft Research Center's findings on data breaches in 2017, the U.S. Supreme Court's denial of certiorari that leaves in place the circuit...more

Manatt, Phelps & Phillips, LLP

New York DFS Cybersecurity Certifications Due

Manatt, Phelps & Phillips, LLP on

The time has come for entities regulated by the New York Department of Financial Services to make their first certification of compliance with the regulator’s cybersecurity rules....more

King & Spalding

NY DFS Regulation: Certify Your Compliance by February 15 and Assess Your Risk by March 1

King & Spalding on

The New York Department of Financial Services' (DFS) cybersecurity regulation (DFS Regulation), which took effect on March 1, 2017, imposes significant requirements on financial services companies doing business in New York....more

Skadden, Arps, Slate, Meagher & Flom LLP

New York Cybersecurity Regulations Could Affect Foreign Banks

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Financial institutions covered by the New York State Department of Financial Services’ (NYDFS) new Cybersecurity Requirements for Financial Services Companies must file their first annual certification by February 15, 2018....more

Akin Gump Strauss Hauer & Feld LLP

National Association of Insurance Commissioners Issues Insurance Data Security Model Law

Akin Gump Strauss Hauer & Feld LLP on

• NAIC recently adopted an Insurance Data Security Model Law that follows the risk assessment-based approach of the New York DFS Cybersecurity Regulation. This signals the growing influence of the New York Regulation,...more

Jackson Lewis P.C.

Timeline For Compliance With New DFS Cybersecurity Regulations

Jackson Lewis P.C. on

The deadline to comply with the first set of requirements under the new DFS Cybersecurity Regulations (“the Regulations”) is here! By today, August 28, 2017, businesses subject to the Regulations must ensure that they: ...more

Jones Day

Deadline to Comply with New York's Cybersecurity Regulation Is Approaching

Jones Day on

For entities regulated by the New York Department of Financial Services, the deadline for complying with the new Cybersecurity Requirements for Financial Services Companies, 23 NYCRR Part 500, is Monday, August 28, 2017. To...more

Mintz - Privacy & Cybersecurity Viewpoints

Are You Ready for the New York August 28th Compliance Deadline?  

Mintz - Privacy & Cybersecurity Viewpoints on

If you are one of the many businesses licensed by the New York Department of Financial Services (DFS), and cannot avail yourself of the (very) limited exemptions, you must be ready for the first compliance transition date for...more

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