News & Analysis as of May 10, 2025

NYDFS

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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 -

New York Cybersecurity Regulation Requires Submission of Compliance Certification or Acknowledgement of Noncompliance Next Week

Quarles & Brady LLP on 4/10/2025

On April 3, 2025, the New York State Department of Financial Services (“DFS”) issued reminders about upcoming implementation and reporting deadlines related to its cybersecurity regulations. Upcoming deadlines require...more

Lessons from PayPal’s $2 Million Cybersecurity Settlement with the New York State Department of Financial Services

Faegre Drinker Biddle & Reath LLP on 2/14/2025

On January 23, 2025, PayPal settled an enforcement action brought by the New York State Department of Financial Services (NY DFS) for failing to comply with cybersecurity regulations required for financial services businesses...more

New York State Department of Financial Services Issues Guidance Concerning Cybersecurity Risks Posed by Artificial Intelligence

Baker Botts L.L.P. on 11/6/2024

Last month, the New York State Department of Financial Services (“DFS”), which has broad regulatory powers over financial services-related entities and insurance companies operating in New York State, published guidance...more

AI at the gate: NYDFS issues guidance on addressing new AI-driven cybersecurity risks under existing cybersecurity requirements

Eversheds Sutherland (US) LLP on 10/30/2024

On October 16, 2024, the New York State Department of Financial Services (DFS) issued an industry letter providing guidance on how DFS-regulated entities (covered entities) should be evaluating and responding to artificial...more

Reminder: More New York Department of Financial Services (NYDFS) Requirements Go Into Effect Next Month

Paul Hastings LLP on 10/11/2024

As we have previously written, late last year the New York Department of Financial Services (NYDFS) adopted long-awaited amendments to its Part 500 Cybersecurity Regulations (Part 500). These are some of the most significant...more

New York DFS Cybersecurity Regulation Outlines Actions with High ROI

Quarles & Brady LLP on 10/10/2024

As of November 1, 2024, financial services companies regulated by the New York Department of Financial Services Cybersecurity Regulation face new requirements relating to cybersecurity governance, encryption, and incident...more

New York Cybersecurity Regulation Amended and Expanded

McGlinchey Stafford on 12/11/2023

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

Empire State of Security: New York DFS Finalizes Significant Amendment to Financial Services Cybersecurity Regulation

Wyrick Robbins Yates & Ponton LLP on 12/5/2023

The New York State Department of Financial Services (“NYDFS”), which regulates financial services institutions including banks, insurance companies, and mortgage brokers, finalized an amendment to its Cybersecurity Regulation...more

New York Governor Proposes Stringent Cybersecurity Regulations for Hospitals

Jones Day on 12/1/2023

New York is the first state to propose cybersecurity requirements for all hospitals operating in the state to address patient safety and other cybersecurity related issues....more

NY Enhances Financial Cybersecurity Regulations

Sheppard Mullin Richter & Hampton LLP on 11/17/2023

New York recently announced amendments to the State Department of Financial Services’ cybersecurity regulations. The changes further solidify the state’s already comprehensive cybersecurity regulatory regime. The amendments...more

NY DFS Amendments to Cybersecurity Regulations

Troutman Pepper Locke on 11/6/2023

On November 1, New York Governor Kathy Hochul announced that the state’s Department of Financial Services (NY DFS) has amended its Cybersecurity Regulations to “enhance cyber governance, mitigate risks, and protect New York...more

Cybersecurity Enforcement Update: New York Department of Financial Services Announces Amended Cybersecurity Regulations and Latest...

Faegre Drinker Biddle & Reath LLP on 7/18/2023

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

New York Department of Financial Services Levies $1.2 Million Fine on Cryptocurrency Platform for Violations of Cybersecurity...

Faegre Drinker Biddle & Reath LLP on 6/21/2023

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

Recent New York Cybersecurity Enforcement Provides Latest Reason for Companies to be Proactive

Harris Beach Murtha PLLC on 6/6/2023

New York’s Department of Financial Services signaled once again its intent to strongly enforce the state’s Cybersecurity Regulation by finding OneMain Financial Group violated the law in several ways and imposing a $4.25...more

New York Sends Clear Message Crypto Exchanges and Banks Must Meet AML Obligations

Harris Beach Murtha PLLC on 1/10/2023

New York’s Department of Financial Services (“DFS”) recently announced a $100 million settlement with Coinbase, Inc., one of the world’s largest cryptocurrency exchanges, for Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”)...more

Coinbase Agrees To Settlement With New York Regulator

Shipkevich PLLC on 1/6/2023

On January 4, 2023, the New York State Department of Financial Services issued a consent order against Coinbase, a virtual currency company. Pursuant to the consent order, Coinbase will be paying a $50 million penalty to the...more

The New York Department of Financial Services Cybersecurity Rules — What Companies Need to Know

Paul Hastings LLP on 10/12/2022

On March 1, 2017, New York’s Department of Financial Services (“NYDFS”) implemented a comprehensive cybersecurity regulation aimed at financial institutions (the “Cybersecurity Regulation”)....more

New York Proposes Cybersecurity Rules for Financial Institutions

Sheppard Mullin Richter & Hampton LLP on 8/29/2022

On July 29, the New York Department of Financial Services (NYDFS) released Draft Amendments to its Part 500 Cybersecurity Rules that would impose new obligations on financial institutions on reporting, governance, testing,...more

NYDFS Issues Cybersecurity Guidance in Response to Events in Ukraine

Sheppard Mullin Richter & Hampton LLP on 3/9/2022

In light of Russia’s recent military actions in Ukraine, the New York Department of Financial Services issued guidance on its cybersecurity and virtual currency regulations. The Department is specifically concerned about...more

NYDFS Issues Supply Chain Management Guidance

Sheppard Mullin Richter & Hampton LLP on 5/26/2021

The New York State Department of Financial Services recently issued recommendations to financial institutions in the aftermath of the SolarWinds cyberattack. In that attack, hackers inserted malware into SolarWinds software...more

New York Department of Financial Services and National Securities Corporation Agree to $3 Million Settlement in Cybersecurity...

Faegre Drinker Biddle & Reath LLP on 4/27/2021

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

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