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NYDFS Cyber Attacks Risk Assessment

Paul Hastings LLP

NYDFS Issues AI Industry Letter

Paul Hastings LLP on

On October 16, 2024, the New York Department of Financial Services (NYDFS) issued an industry letter entitled “Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks” in response to...more

Troutman Pepper Locke

New York Department of Financial Services Issues New Guidance on Cybersecurity Risks Arising from Artificial Intelligence

Troutman Pepper Locke on

On October 16, the New York State Department of Financial Services (NY DFS) issued an industry letter to entities regulated by NY DFS (covered entities) providing guidance addressing the cybersecurity risks associated with...more

Kilpatrick

AI Cybersecurity Guidance Summary - NYDFS and Singapore CSA

Kilpatrick on

As regulators worldwide continue to scrutinize the impact of AI on industries within their respective purviews, two key global agencies issued guidance in October 2024 that highlighted AI-based cybersecurity risks and best...more

Mayer Brown

New York State Department of Financial Services Issues Industry Letter on Cybersecurity Risks Arising from Artificial Intelligence

Mayer Brown on

BACKGROUND - On October 16, 2024, the New York State Department of Financial Services (DFS) issued an industry letter, Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks,...more

Saul Ewing LLP

New York Department of Financial Services Guidance on AI-Related Cybersecurity Risks

Saul Ewing LLP on

On October 16, 2024, the New York Department of Financial Services (“NYDFS”) issued guidance and strategies (“Guidance”) concerning cybersecurity risks that arise in response to the advancements in artificial intelligence...more

Cozen O'Connor

NYDFS Issues Guidance on Cybersecurity Risks Arising from Artificial Intelligence

Cozen O'Connor on

On October 16, 2024, the New York Department of Financial Services (NYDFS) issued an Industry Letter that discusses the cybersecurity risks associated with the use of artificial intelligence (AI) and outlines strategies to...more

ArentFox Schiff

DFS Issues Circular Letter Addressing Cybersecurity Risks Related to AI

ArentFox Schiff on

On October 16, the New York Department of Financial Services (DFS) issued a circular letter addressing cybersecurity risks related to the increasing use of artificial intelligence (AI) in relation to insurers, insurance...more

Baker Donelson

New York DFS Releases AI Cybersecurity Guidance

Baker Donelson on

The New York Department of Financial Services (NYDFS) issued new guidance (the Guidance) on October 16, 2024, to help state-regulated financial institutions mitigate the myriads of cybersecurity risks posed by artificial...more

Robinson+Cole Data Privacy + Security Insider

NYDFS Issues Industry Letter on Risks Arising from Artificial Intelligence

On October 16, 2024, the New York Department of Financial Services (DFS) issued an Industry Letter to regulated entities entitled “Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related...more

Sheppard Mullin Richter & Hampton LLP

NYDFS’s $4.5 Million EyeMed Cyber Settlement Reminder To Industry

In a recent settlement with the New York Department of Financial Services, EyeMed Vision Care LLC agreed to pay a $4.5 million penalty and undertake remedial measures to increase its cybersecurity. This includes undertaking...more

Holland & Knight LLP

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

Holland & Knight LLP on

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

Faegre Drinker Biddle & Reath LLP

Insurance Industry Cybersecurity and COVID-19: The Importance of Risk Assessments

As companies seek to adapt to the worsening effects of the COVID-19 pandemic, security experts, as well as government agencies, including the FBI, are sounding the alarm on a drastic increase in the amount of cybersecurity...more

Ballard Spahr LLP

NYDFS Requires Filing of Preparedness Plans and Financial Risk Assessments Related to COVID-19

Ballard Spahr LLP on

In an Industry Letter, the New York State Department of Financial Services (NYDFS) is requesting assurance that New York State regulated institutions have preparedness plans in place to address operational risk, and it is...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

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update: New York State Proposes Cybersecurity Regulation for Financial Institutions

New York state has proposed a new regulation — to go into effect January 1, 2017 — that would require banks, insurance companies and other financial services institutions regulated by the New York State Department of...more

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