News & Analysis as of

NYDFS Data Security Risk Assessment

Husch Blackwell LLP

Effective Dates Draw Near for Insurance Industry to Comply with NYDFS's Cybersecurity Rules

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As part of a multiyear rollout, the New York Department of Financial Services (NYDFS) has established May 1, 2025, and November 1, 2025, as effective dates for certain amendments to its cybersecurity regulations. These...more

Quarles & Brady LLP

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

Quarles & Brady LLP on

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

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

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

Sheppard Mullin Richter & Hampton LLP

Graduation Goods Settlement: A Good Reminder of AGs’ Data Security Priorities

The New York and Pennsylvania AGs settlement with Herff Jones from late last year provides guidance to businesses about expected security measures as we enter into 2023. The case arose after Herff Jones, producer and seller...more

Davis Wright Tremaine LLP

New York Department of Financial Services' EyeMed Settlement Emphasizes Risk Assessments, Email Controls (UPDATED)

The New York Department of Financial Services (NYDFS) continues to be a major player in data security enforcement. On Oct. 18, 2022, NYDFS announced that it had entered into a consent order with EyeMed Vision Care LLC...more

Davis Wright Tremaine LLP

New York Financial Services' EyeMed Settlement Emphasizes Risk Assessments, Email Controls

The New York Department of Financial Services (NYDFS) continues to be a major player in data security enforcement. On Oct. 18, 2022, NYDFS announced that it had entered into a consent order with EyeMed Vision Care LLC...more

BakerHostetler

Kentucky Joins Nearly 30 States by Enacting an Insurance Data Security Law

BakerHostetler on

Kentucky became the latest state to adopt the NAIC insurance data security model law with Governor Andy Beshear’s signing of House Bill 474. The new law goes into effect Jan. 1, 2023, and gives covered licensees one or two...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

Akin Gump Strauss Hauer & Feld LLP

Upcoming February and March Deadlines Under New York DFS Cybersecurity Regulation, Including New Third-Party Service Provider...

This client alert will briefly outline key upcoming deadlines under the New York State Department of Financial Services (DFS) Cybersecurity Regulation (the “Regulation”). These include annual filing deadlines coming up in...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Cybersecurity Trends for Boards of Directors"

Cybersecurity has in recent years become an integral component of a board’s role in risk oversight, but directors often find themselves in unfamiliar territory when it comes to formulating policies and oversight processes...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

Eversheds Sutherland (US) LLP

Legal Alert: New York’s New BSA/AML Rule Imposes Monitoring, Filtering and Certification Requirements

On June 30, 2016, the New York Department of Financial Services (DFS) adopted a new anti-terrorism and anti-money laundering (AML) regulation (Final Rule) that builds on federal anti-money laundering requirements to address...more

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