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NYDFS Cybersecurity Data Breach

Goodwin

2024 Year in Review: Data Privacy and Cybersecurity

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Welcome to the “Data Privacy and Cybersecurity” chapter of our annual report, Consumer Financial Services: 2024 Year in Review. Consumer financial services regulators are taking a keen interest in artificial intelligence...more

Kramer Levin Naftalis & Frankel LLP

NYDFS Updates Regulated Firms on Upcoming Cyber Requirements

Financial firms doing business in New York should be mindful of a recent e-blast sent by the state’s financial regulator concerning cybersecurity requirements that become effective in less than two months. The New York...more

Wyrick Robbins Yates & Ponton LLP

Something Old, Something New: Latest NYDFS Cybersecurity Regulation Enforcement Action Emphasizes Policy Implementation, Training,...

The New York State Department of Financial Services recently announced that it has entered into a consent order with PayPal, Inc. for violations of the NYDFS Cybersecurity Regulation. The consent order, under which PayPal has...more

Husch Blackwell LLP

New York Amends its Data Breach Notification Law

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Keypoint: New York has amended its data breach notification law twice in the last 60 days to (1) add a 30-day deadline for notifying affected residents, (2) clarify that covered financial entities must still notify the New...more

Orrick, Herrington & Sutcliffe LLP

New York State amends law on data breach notifications

On February 14, the Governor of New York signed into law SB 804 (the “Act”), which amends the general business law concerning when and how notifications for data breaches are provided to the New York Department of Financial...more

Faegre Drinker Biddle & Reath LLP

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

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

Goodwin

New York Department of Financial Services Reaches $2,000,000 Settlement with Peer-to-Peer Payment Platform

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On January 23, 2025, the New York Department of Financial Services (DFS) announced that it reached a $2,000,000 settlement as part of a broader consent order with a peer-to-peer payment platform (“P2P”) about its...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

New York Amends Data Breach Notification Law to Enhance Notification Requirements, Expand Definition of ‘Private Information’

On December 24, 2024, New York Governor Kathy Hochul signed into law amendments to New York’s private-sector data breach notification law (General Business Law § 899-aa) and government agency data breach notification law (New...more

Ropes & Gray LLP

New Year, New Data Breach Notification Requirements in New York: Impactful Changes for Life Sciences and Consumer Health Care...

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In December 2024, New York Governor Kathy Hochul signed into law two bills (A8872A and S2376B; collectively, the “Bills”) that amend New York’s Data Breach Notification Law. The Bills introduce a maximum thirty-day timeframe...more

BakerHostetler

New York’s Newest Data Breach Notification Law Changes

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On December 21, 2024, New York Gov. Kathy Hochul signed into law S2659-B/A8872-A, which, effective immediately, changed timing requirements for notice under New York’s data breach notification law and expanded the list of...more

Barnea Jaffa Lande & Co.

Cybersecurity Enforcement Tightens in NY, Reflecting a Trend

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The New York State Department of Financial Services (NYDFS) and the Attorney General’s office have recently imposed significant fines totalling $11.3 million on Geico and Travelers for data breaches that compromised the...more

Orrick, Herrington & Sutcliffe LLP

NYDFS secures $11.3M in penalties from auto insurers for data breaches

On November 25, NYDFS announced settlements with two auto insurance companies for inadequate data security that compromised the personal information of over 120,000 New York consumers and secured $11.3 million in total...more

Bond Schoeneck & King PLLC

Insurance Companies Face $11.3 Million in Fines Due to Cybersecurity Failures

In yet another example of the importance of a robust cybersecurity and data protection system, New York Attorney General (OAG) and the New York State Department of Financial Services (DFS) collectively fined the insurance...more

Alston & Bird

The Digital Download – Alston & Bird’s Privacy & Data Security Newsletter – August 2024

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Selected U.S. Privacy and Cyber Updates - New York AG Seeks Comments on Rulemaking for Minors’ Online Protection Laws - On August 1, 2024, New York Attorney General Letitia James issued two advanced notices of proposed...more

Clark Hill PLC

Right To Know - August 2024, Vol. 20

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Cyber, Privacy, and Technology Report - Welcome to your monthly rundown of all things cyber, privacy, and technology, where we highlight all the happenings you may have missed....more

Alston & Bird

Board Oversight and Cyber Breach Response: What Involvement Strikes the Right Balance?

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New regulations continue to push boards in the direction of active engagement in their cyber oversight role, including breach response. But, how can boards strike the right balance in their oversight role during a significant...more

Alston & Bird

Top 10 Issues General Counsel Need to Know About Ransomware in 2024

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Threat actors are evolving. Our Privacy, Cyber & Data Strategy Team explains how ransomware gangs have changed their tactics and how companies can respond to the threat while navigating new scrutiny from investors and...more

Alston & Bird

The Digital Download – Alston & Bird’s Privacy & Data Security Newsletter – February 2024

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Selected U.S. Privacy and Cyber Updates - NYDFS Releases Circular Letter on Use of AI in Insurance Underwriting and Pricing - On January 17, 2024, the New York State Department of Financial Services (NYDFS) issued a proposed...more

Wiley Rein LLP

Cybersecurity in 2024: Ten Top Issues to Consider

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As we enter the New Year, Wiley has looked back at the top cyber issues for 2023 and what they mean for 2024. Last year, we saw the rollout of the National Cybersecurity Strategy—which outlined a new era of cyber oversight—as...more

Hinckley Allen

The 2023 Cyber Year in Review

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The Most Significant Developments in Cybersecurity and Cyber-Related Liability Risks - As we reflect upon 2023, it will unfortunately be remembered as a record-breaking year for ransomware and cybercrime....more

Wyrick Robbins Yates & Ponton LLP

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

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

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

Dechert LLP

Dechert Cyber Bits - Issue 45

Dechert LLP on

The Biden Administration Issues Executive Order on Artificial Intelligence - On October 30, 2023, President Biden signed an Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence (the “Order”)...more

Harris Beach Murtha PLLC

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

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

Orrick, Herrington & Sutcliffe LLP

Takeaways From Top 5 Cyber Law Developments in 2022

In 2022, the stakes for data breaches grew in more ways than one. IBM reported the average cost of a data breach is up to $4.35 million. More importantly, though, regulators have zeroed in on higher-level executives and...more

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