Recent activity by the New York Department of Financial Services (NYDFS) and the Securities and Exchange Commission (SEC) highlight the continued focus by government regulators on cybersecurity. As these and other regulators...more
11/17/2023
/ Corporate Governance ,
Cybersecurity ,
Data Breach ,
Data Security ,
Financial Regulatory Reform ,
Financial Services Industry ,
NYDFS ,
Popular ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Litigation
Recent enforcement actions and announcements show that state and federal regulators are continuing to focus intensely on cybersecurity and data protection. Notably, the New York Department of Financial Services (“NYDFS”)...more
7/18/2023
/ Consent Order ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Enforcement ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
New York ,
NYDFS ,
Popular ,
Settlement ,
State and Local Government ,
State Data Privacy Laws
A recent consent order between the New York State Department of Financial Services (“NYDFS”) and cryptocurrency trading platform, bitFlyer USA (“bitFlyer”), shows that the NYDFS continues to utilize an aggressive enforcement...more
6/21/2023
/ Civil Monetary Penalty ,
Consent Order ,
Cryptocurrency ,
Cyber Attacks ,
Cybersecurity ,
Enforcement Actions ,
Financial Services Industry ,
Information Technology ,
New York ,
NYDFS ,
Regulatory Requirements ,
Regulatory Violations ,
Technology
On July 29, 2022, the New York Department of Financial Services (NYDFS) published the pre-proposed second amendment to its Cybersecurity Regulations, 23 NYCRR 500 (Part 500), that if adopted, would likely require numerous...more
9/2/2022
/ Covered Entities ,
Cybersecurity ,
Enforcement ,
Exemptions ,
Financial Institutions ,
Financial Services Industry ,
Incident Response Plans ,
Multi-Factor Authentication ,
Notice Requirements ,
NYDFS ,
Policies and Procedures ,
Popular ,
Second Amendment ,
Third-Party Service Provider
On June 23, 2022, the New York State Department of Financial Services (NYDFS) announced the entry of a Consent Order in connection with its most recent cybersecurity enforcement action, which included a $5 million monetary...more
We have written here previously about the dramatic increase in cyberattacks on companies of all types since the start of the COVID-19 pandemic. Indeed, by some estimates, ransomware attacks have increased over 90% during the...more
On April 15, 2021, the New York Department of Financial Services (NYDFS) issued a report on the recent SolarWinds cyberattack. A copy of the report is available... NYDFS called the attack a “wake-up call” to regulated...more
Earlier this month, the New York State Department of Financial Services (NYDFS) announced a settlement and consent order with National Securities Corporation (National Securities) for $3 million in connection with National...more
4/27/2021
/ Compliance ,
Cybersecurity ,
Data Breach ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
National Security ,
National Security Review Proceedings ,
New York ,
NYDFS ,
Popular ,
Settlement
In July 2020, the New York State Department of Financial Services (NYDFS) filed the first enforcement action under the new NYDFS Cybersecurity Regulation, 23 NYCRR Part 500 (Part 500), against First American Title Insurance...more
On April 13, 2020, the New York Department of Financial Services (NYDFS) issued new guidance to all New York State Regulated Entities to highlight “a significant increase in cybercrime” related to the COVID-19 epidemic....more