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Data Security NYDFS Financial Services Industry

Alston & Bird

NYDFS Releases Consent Order in First Enforcement Action Brought Under the Cybersecurity Regulations

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After a three-year investigation/enforcement action by the New York Department of Financial Services (“NYDFS”), NYDFS entered into a Consent Order with a large title insurer (the “Company”) for its violation of NYDFS’s...more

Latham & Watkins LLP

New York Bolsters Cybersecurity Requirements

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Covered financial institutions now face heightened expectations in relation to cybersecurity governance, risk assessment, and incident reporting. The New York State Department of Financial Services’ (DFS) amendments (the...more

Faegre Drinker Biddle & Reath LLP

Cybersecurity Enforcement Update: NYDFS Adopts Final Amendments to its Cybersecurity Regulations and SEC Sues SolarWinds Executive

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

Patterson Belknap Webb & Tyler LLP

New York’s Department of Financial Services Amplifies its Cybersecurity Regulations

On November 1, 2023, the New York State Department of Financial Services (“DFS”) amended its cybersecurity regulations to institute additional standards and controls aimed at securing sensitive data among the financial...more

Husch Blackwell LLP

Federal Trade Commission Amends GLBA’s Safeguards Rule

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Key Point: The Federal Trade Commission (FTC) has amended the Safeguards Rule to require non-banking financial institutions to inform the FTC within 30 days of discovering any unauthorized acquisition of unencrypted customer...more

Patterson Belknap Webb & Tyler LLP

DFS Announces Consent Decree with OneMain Financial Group, LLC

By press release on May 25, 2023, The New York Department of Financial Services (“DFS”) announced a Consent Order with OneMain Financial Group LLC (“OneMain”) for failing to comply with the DFS’s Cybersecurity Regulation (23...more

Venable LLP

Four Cybersecurity Law Issues for Financial Services to Track in 2023 | Insights

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The financial services sector must already contend with a maze of regulations in a variety of areas, and 2023 is poised to usher in new cybersecurity regulations for the industry. Organizations should ensure their security...more

Holland & Knight LLP

The Impact of Cybersecurity Regulations on the Financial Services Industry in 2022

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Following the SolarWinds and the Colonial Pipeline cyberattacks, the Biden Administration emphasized a shift toward mandatory cybersecurity requirements. Throughout 2021, government agencies issued new cybersecurity guidance,...more

Sheppard Mullin Richter & Hampton LLP

NYDFS FAQ Provides Clarity on Breach Notification and Security Requirements

The New York Department of Financial Service recently clarified security incident notification requirements and the use of multi-factor authentication. On its FAQ page, the NYDFS added two new questions and answers for...more

Sheppard Mullin Richter & Hampton LLP

NYDFS Issues Supply Chain Management Guidance

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

Faegre Drinker Biddle & Reath LLP

New York Department of Financial Services Issues Report on SolarWinds Cyberattack

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

Alston & Bird

NYDFS Announces Cybersecurity Settlement, Addresses Multi-Factor Authentication Rules

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On April 14, 2021, the New York Department of Financial Services (“NYDFS”) announced a settlement with National Securities Corporation (“National Securities”), a licensed insurer, in connection with claims under the NYDFS...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

Robinson+Cole Data Privacy + Security Insider

New York Department of Financial Services Issues Guidance Regarding Heightened Cybersecurity Awareness During COVID-19 Pandemic

The New York Department of Financial Services (DFS) recently issued guidance to its regulated entities regarding heightened cybersecurity awareness as a result of the COVID-19 pandemic....more

Hogan Lovells

New York State Expected to Increase Enforcement of Cybersecurity Practices

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Companies should take note of two imminent developments in New York in the area of cybersecurity regulation: enforcement of the New York Department of Financial Services (NYDFS) Cybersecurity Regulation (Regulation) and the...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - January 2020 #2

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Department of Homeland Security Warns of Cyber-Attacks by Iran - The Department of Homeland Security (DHS) issued a grave warning to U.S. businesses and critical infrastructure operators on January 6, 2020, alerting the...more

Robinson+Cole Data Privacy + Security Insider

New York DFS Issues Risk Alert Concerning Possible Iran Cyber-Attacks

In view of Iran’s vows to retaliate against the United States for the death of Quassem Soleimani, the NYDFS has issued an industry letter  to all regulated entities regarding the need for heightened cybersecurity precautions....more

Morrison & Foerster LLP

Risky Business: FTC Signals Departure From Risk-Based Approach, Proposing NYDFS-Like Security Requirements for the Safeguards Rule

With one eye on the New York Department of Financial Services (“NYDFS”) cybersecurity rules and the other on two of its own Commissioners who dissented, the Federal Trade Commission (“FTC”) has proposed a sweeping overhaul to...more

Moore & Van Allen PLLC

NYS DFS September 4, 2018 Cybersecurity Compliance Deadline

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

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - December 2017

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The Consumer Financial Protection Bureau (CFPB), one of the watchdogs of the financial services industry, has announced through Acting Director Mick Mulvaney that it will no longer collect personal information of consumers...more

Morrison & Foerster LLP - Social Media

N.Y.’s New Cybersecurity Regulations: What Financial Services Companies Need to Know

With corporate data security breaches on the rise, the New York State Department of Financial Services (NYDFS) has adopted rules requiring financial institutions to take certain measures to safeguard their data and inform...more

Alston & Bird

The Digital Download - Alston & Bird’s Privacy & Data Security Newsletter – November 2016

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Updates on the EU: German DPA Publishes First Privacy Shield Guidelines, Requires German-Law Contracts for Transfers. On June 7, 2016, the European Commission adopted the EU-U.S. Privacy Shield. One question that many...more

BakerHostetler

Data Security in the Financial Industry: Five Key Developments to Keep An Eye on in 2016

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According to a 2015 report on threats to the financial services sector, 41% of financial services organizations polled had experienced a data breach or failed a compliance audit in the previous year, and 57% listed preventing...more

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