News & Analysis as of

Cybersecurity Framework Banking Sector

A&O Shearman

NYDFS Finalizes Significant Amendment to Part 500 Cybersecurity Regulation

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On November 1, 2023, the New York State Department of Financial Services (“NYDFS”) issued its Second Amendment (the “Amendment”) to its Cybersecurity Requirements for Financial Services Companies adopted in 2017, codified in...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

Poyner Spruill LLP

New York Fires First Salvo Under Cybersecurity Law

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The New York Department of Financial Services (NYDFS) has launched its first enforcement action under New York’s Cybersecurity law for financial services, so-called Part 500. Part 500 requires NYDFS licensed institutions to...more

King & Spalding

Energy Newsletter - April 2020

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Developing Contingency Plans: The NYDFS Mandate on Licensed Virtual Currency Businesses - The events surrounding COVID-19 have increased the use of fintech products, both out of necessity and convenience. Shelter-in-place...more

Mintz - Privacy & Cybersecurity Viewpoints

New York Dept of Financial Services (NYDFS) Extends Cybersecurity Compliance Deadline

The NYDFS has announced that it has extended the deadline for compliance with certain cybersecurity requirements due to the coronavirus emergency. The announcement from the Superintendent of Financial Services of the State...more

Patterson Belknap Webb & Tyler LLP

DFS Superintendent Vullo Reflects on NYS Cyber Regulation: Two Years Later

With full implementation of New York’s groundbreaking cybersecurity regulation only six weeks away, the state’s top banking regulator took the opportunity to praise the many financial institutions that have adopted systems to...more

Ballard Spahr LLP

Proposed House Bill Would Set National Data Security Standards for Financial Services Industry

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A new bill introduced by House Financial Services subcommittee Chairman Rep. Blaine Luetkemeyer would significantly change data security and breach notification standards for the financial services and insurance industries. ...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - September 2018

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We reported last week that a spyware maker recently compromised users’ and victims’ sensitive information. Since that time, another spyware maker, mSpy, which holds itself out as having over a million users employing its...more

Ballard Spahr LLP

Proposed House Bill Would Set National Data Security Standards for Financial Services Industry

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A new bill introduced by House Financial Services subcommittee Chairman Rep. Blaine Luetkemeyer would significantly change data security and breach notification standards for the financial services and insurance industries. ...more

Robinson+Cole Data Privacy + Security Insider

New York Department of Financial Services Cybersecurity Regulation 18-month Compliance Deadline Arrives

On September 4, 2018, the third stage of compliance deadlines under the New York Department of Financial Services’ (DFS) expansive cybersecurity regulation went into effect....more

Hogan Lovells

New Obligations Under the NYDFS Cybersecurity Regulation Come Online September 4

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The New York State Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) came into effect March 1, 2017...more

Bracewell LLP

New York Cyber Enforcement Steps Into the Breach

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Last month, the New York State Department of Financial Services (NYDFS) proclaimed, “In an era of weakened federal government oversight, strong state regulation is essential in order to safeguard our markets, ensure strong...more

White and Williams LLP

New York’s Cyber Regulations Now Apply to Credit Reporting Agencies

On June 25, 2018, the New York Department of Financial Services (NYDFS) issued a final regulation that requires any credit reporting agency (CRA) with “significant operations” in New York to register with the NYDFS and comply...more

Patterson Belknap Webb & Tyler LLP

M&A and Cyber Diligence: New York’s DFS Issues a Reminder

Over the last year, U.S. companies have been hit with a wave of new data security regulations and agency guidance, ranging from the SEC’s Guidance on Public Company Cybersecurity Disclosures to the European Union’s General...more

Patterson Belknap Webb & Tyler LLP

DFS Issues Compliance Certificate “Reminder”

Last week, the New York Department of Financial Services (DFS) sent notices to companies that had not yet certified their compliance with the DFS Cybersecurity Regulation....more

Robinson+Cole Data Privacy + Security Insider

New York Department of Financial Services Updates Cybersecurity Guidance: Coverage of Cybersecurity Requirements Addressed in 4...

On March 1, 2018, the New York Department of Financial Services (NYDFS) “cybersecurity regulations” (23 NYCRR Part 500) took effect, placing a number of cybersecurity requirements on banks, insurance companies, and other...more

Hogan Lovells

A guide to NYDFS Cybersecurity Regulation's March 1 implementation deadline

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It’s been almost a year since the New York State Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) came into effect. Since that time, a series of key dates have marked the implementation of...more

Robinson+Cole Data Privacy + Security Insider

New York Financial Services Cybersecurity Regulations Deadline Looming This Week

On March 1, 2018, the one year transition period within which banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (“Covered Entities”)...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - February 2018 #3

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As of February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) are required to file their first certification of...more

Robinson & Cole LLP

New York’s Landmark Cybersecurity Regulation Amendment Proposed, Deadlines Looming

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On February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) will be required to file their first certification of...more

Patterson Belknap Webb & Tyler LLP

The DFS Effect: Cyber Meets Sarbanes Oxley

Financial institutions with ties to New York spent their Valentine’s Day learning how to use the New York State Department of Financial Services (DFS) web portal....more

Patterson Belknap Webb & Tyler LLP

DFS Filing “Reminder” as Deadline Looms

For the several thousand financial institutions and insurance companies covered by New York’s landmark data security regulation, the first certification of compliance must be filed with the State’s Department of Financial...more

Patterson Belknap Webb & Tyler LLP

Countdown to the First Annual New York DFS Cyber Regulation Certification

On February 15th, organizations subject to the New York Department of Financial Services Cybersecurity Regulation are required to submit their first annual certification attesting to their compliance with the state’s new data...more

Robinson+Cole Data Privacy + Security Insider

Compliance With New York’s Cybersecurity Regulation 23 NYCRR Part 500

On March 1, 2017, New York’s Cybersecurity Regulation (23 NYCRR Part 500) became effective. The regulation is the first of its kind in the nation and requires certain companies, including banks, insurance companies and other...more

Locke Lord LLP

NAIC Adopts Model Cybersecurity Law

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Based largely on the NY DFS Cybersecurity Regulation that became effective March 1, 2017, the NAIC has adopted a Model Cybersecurity Law that would, once adopted by the various states, establish significant requirements for...more

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