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Covered Entities NYDFS

BakerHostetler

Are You Ready for It? NYDFS Annual Cybersecurity Certification Deadline April 15

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The New York State Department of Financial Services (NYDFS) amended its cybersecurity regulation, 23 NYCRR 500 (or Part 500), effective Nov. 1, 2023, which we wrote about here. Covered entities must still certify compliance...more

McGlinchey Stafford

New York Cybersecurity Regulation Amended and Expanded

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On November 1, 2023, the New York Department of Financial Services (NYDFS) adopted amendments to its Cybersecurity Regulation, 23 NYCRR Part 500 (Cybersecurity Regulation). This is the second amendment (Amendment) to its...more

Paul Hastings LLP

New NYDFS Part 500 Requirements Continue to Become Effective

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New reporting obligations for covered entities under New York Department of Financial Services (NYDFS) Part 500 Cybersecurity Regulations went into effect on December 1, 2023. These new requirements are one portion of the...more

WilmerHale

NYDFS Finalizes Amendments to Cybersecurity Regulations

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On November 1, 2023, New York Department of Financial Services (NYDFS or the “Department”) released the finalized revisions (the “Second Amendment”) to 23 NYCRR Part 500 (Part 500) – the most significant modifications to Part...more

Kilpatrick

NYDFS Overhauls Cybersecurity Rules for State-Regulated Financial Services Firms

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The New York Department of Financial Services (“NYDFS”) has released a comprehensive revision of the cybersecurity requirements for state-regulated financial services firms, including banks and insurance companies. The new...more

Eversheds Sutherland (US) LLP

New York Raises the Bar Again: Revised Cybersecurity Requirements for Financial Services Companies Finalized

On November 1, 2023, the New York Department of Financial Services (NY DFS) published its highly anticipated final amendments to its influential cybersecurity requirements for financial services companies (Part 500)....more

McDermott Will & Emery

NYDFS Finalizes Amendments to Cybersecurity Regulation Impacting Financial Services Companies

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On November 1, 2023, the New York Department of Financial Services (NYDFS) amended Part 500, the cybersecurity regulation. These updates follow numerous NYDFS enforcement actions and other new cybersecurity rules, such as the...more

Cooley LLP

New York Department of Financial Services Amends Its Cybersecurity Regulations

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On November 1, 2023, the New York Department of Financial Services (NYDFS) finalized its proposed cybersecurity rules, which build upon existing NYDFS cybersecurity requirements in the Part 500 Cybersecurity Rules....more

Jenner & Block

Client Alert: New York Issues Significant Amendments to its Forward-Leaning Cyber Regulations

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In 2017, the New York Department of Financial Services (“NYDFS”) enacted a landmark regulation requiring financial services institutions such as banks and insurance companies in the state to meet substantial cybersecurity...more

Akin Gump Strauss Hauer & Feld LLP

NYDFS Fines OneMain $4.25M for Cybersecurity Failures

On May 25, 2023, the New York Department of Financial Services (NYDFS) announced that  OneMain Financial Group (OneMain) will pay a $4.25 million fine pursuant to a consent order to settle alleged violations of NYDFS’s...more

Orrick, Herrington & Sutcliffe LLP

Top 5 Takeaways from NYDFS $1.2 Million Fine in Cybersecurity Case

On May 1, the New York Department of Financial Services (“NYDFS” or “Department”) and a trading platform entered into a consent order to resolve deficiencies identified during examinations conducted in 2018 and 2020. The...more

Locke Lord LLP

New York DFS Cybersecurity Regulation Update: ‎Amendments Proposed November 2022

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Licensees of the New York Department of Financial Services (“DFS”) should be tracking the proposed amendments to the DFS Cybersecurity Regulation. All covered entities under the Regulation will need to revisit their...more

BakerHostetler

New York Department of Financial Services Publishes Proposed Second Amendment to Its Cybersecurity Regulation

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On Nov. 9, 2022, the New York State Department of Financial Services (NYDFS) published a proposed second amendment to its cybersecurity regulation. This follows its pre-proposed amendment that was published on July 29. ...more

Faegre Drinker Biddle & Reath LLP

NYDFS Releases Pre-Proposed Second Amendment to its Cybersecurity Regulations, 23 NYCRR 500

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

BakerHostetler

NYDFS Proposed Amendments to Its Cybersecurity Rules

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​​​​​​​On July 29, the New York Department of Financial Services (NYDFS) released Draft Amendments to its Part 500 Cybersecurity Rules that include a number of significant amendments to the rules, including notification...more

BakerHostetler

Kentucky Joins Nearly 30 States by Enacting an Insurance Data Security Law

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Kentucky became the latest state to adopt the NAIC insurance data security model law with Governor Andy Beshear’s signing of House Bill 474. The new law goes into effect Jan. 1, 2023, and gives covered licensees one or two...more

Alston & Bird

NYDFS Issues Report on the SolarWinds Attack and Covered Entities’ Responses

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Following the SolarWinds cyber espionage attack (the “Attack”) and the resulting focus on supply chain risk, the New York Department of Financial Services (NYDFS) has issued a report detailing the impact on and responses by...more

Polsinelli

First NYDFS Cybersecurity Enforcement Action Arising From a Standard Examination Results in $1.5 Million Penalty

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On March 1, 2017, the New York State Department of Financial Services (“NYDFS”) Cybersecurity Requirements for Financial Services Companies (the “Cybersecurity Regulation”) became effective. Fast forward four years, where...more

White & Case LLP

Cybersecurity Enforcement: New York Department of Financial Services issues first penalty under Cybersecurity Regulation

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Consistent with its increasing activity in the cybersecurity enforcement space, in March 2021, the NYDFS issued its first penalty under the Cybersecurity Regulation. This client alert explores the settlement and offers...more

Goodwin

NYDFS Consent Order Signals Regulator’s Growing Focus On Financial Institutions’ Incident Response And Security Practices

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In early March, the New York State Department of Financial Services (“NYDFS”) announced a consent order that required Maine-based mortgage servicer Residential Mortgage Services, Inc. (“Residential”) to pay a $1.5 million...more

Bressler, Amery & Ross, P.C.

2021 DFS Cybersecurity Filing Requirements Clarified by NY DFS - Certification of Compliance Due April 15, 2021

DFS reports that its Cybersecurity Portal has been redesigned to assist users with their filings. To ensure that filings are matched to the appropriate Covered Entity or licensed person, DFS requires the use of an identifying...more

Bond Schoeneck & King PLLC

Added Reason to Be Aware of the New York State Department of Financial Services Cybersecurity Regulations

The New York State Department of Financial Services (DFS) implemented cybersecurity regulations (the DFS Regulations) in 2017 which provided for a transitional two-year period before all the provisions were effective. The DFS...more

Hinshaw & Culbertson - Consumer Crossroads

Validating Cyber Compliance in Light of the First DFS Enforcement Action

We recently reported on the New York State Department of Financial Services' (DFS) first enforcement action under its 2017 cybersecurity regulation ("Part 500"), which prescribes how financial services companies licensed to...more

Hinshaw & Culbertson - Consumer Crossroads

Another Cybersecurity Wake Up Call: Connecticut Insurance Department Issues Guidance on Cyber Law Set to go Into Effect

Covered entities received two cybersecurity wake up calls from insurance regulators this month. As we have reported, the New York State Department of Financial Services (DFS) issued its long-awaited first cyber enforcement...more

Hinshaw & Culbertson - Consumer Crossroads

Long-Awaited DFS Cyber Enforcement Action Sees Charges Filed Against Title Insurer For Exposing Millions of Documents Containing...

After several years of anticipation, the New York State Department of Financial Services (DFS) has filed its first enforcement action under the agency's groundbreaking and first-in-the-nation 2017 cybersecurity regulation...more

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