News & Analysis as of

NYDFS Artificial Intelligence New York

Baker Botts L.L.P.

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

Baker Botts L.L.P. on

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

Eversheds Sutherland (US) LLP

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

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

Quarles & Brady LLP

New York DFS Cybersecurity Regulation Outlines Actions with High ROI

Quarles & Brady LLP on

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

Hinshaw & Culbertson - Privacy, Cyber & AI...

NYSDFS Issues Final Circular for Insurers on Artificial Intelligence and External Data Use

On July 11, 2024, the New York State Department of Financial Services (NYSDFS) adopted a final circular about the "Use of Artificial Intelligence ("AI") Systems and External Consumer Data and Information Sources in Insurance...more

Latham & Watkins LLP

New York Regulator Issues Proposed AI Guidance for Insurers

Latham & Watkins LLP on

On January 17, 2024, the New York State Department of Financial Services (DFS) issued for public comment a proposed circular letter on the use of AIS and external data sources by New York-authorized insurers (the Proposed...more

McDermott Will & Emery

NYDFS Issues Proposed Guidance on AI and External Consumer Data Use

McDermott Will & Emery on

On January 17, 2024, the New York State Department of Financial Services (NYDFS) issued a proposed Circular Letter that provides guidance for authorized insurers using external consumer data and information sources (ECDIS)...more

McDermott Will & Emery

Insurance Regulators Continue Big Data Scrutiny

We previously reported on regulators’ increased attention to the use of big data systems, including external consumer data and information sources, algorithms and predictive models. Recent announcements in Colorado, Louisiana...more

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