News & Analysis as of

NYDFS Risk Management

Alston & Bird

NYDFS Issues Final Circular Letter Guidance on Use of AI in Insurance Underwriting and Pricing

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On July 11, 2024, the New York Department of Financial Services (“NYDFS”) released Insurance Circular Letter No. 7, which establishes guidelines on the use of artificial intelligence systems (“AIS”) and external consumer data...more

Locke Lord LLP

New York DFS Issues Circular Letter No. 7 RE: Use of AIS and ECDIS in Insurance Underwriting and Pricing

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On Thursday, July 11, 2024, the New York Department of Financial Services (“NYDFS”) issued Circular No. 7 Re: Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting...more

Orrick, Herrington & Sutcliffe LLP

NYDFS releases its Cybersecurity Program Template

On May 13, NYDFS issued a guidance letter informing licensed entities about its Cybersecurity Program Template. NYDFS created the Template to help individual licensees and individually owned businesses licensed by NYDFS to...more

Jenner & Block

[Ongoing Program] CLE Relay – Session 3 – Hot Topics in Fintech and Crypto - June 7th, 10:00 am - 11:00 am PDT

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This session will provide a survey of key issues and trends impacting the fintech and digital assets community as well as the future opportunities and challenges presented for these financial products and services. It will...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

StoneTurn

Operationalizing the N.Y. Department of Financial Services Character and Fitness Guidance

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At the start of 2024, the New York State Department of Financial Services (“DFS”) issued an industry letter: Guidance on Assessment of the Character and Fitness of Directors, Senior Officers, and Managers (the “Guidance”),...more

Lowenstein Sandler LLP

NIST Releases Cybersecurity Framework 2.0

The National Institute of Science and Technology (NIST) has released NIST Cybersecurity Framework (2.0) (Framework 2.0). NIST released two earlier versions of the Framework for Improving Critical Infrastructure Cybersecurity...more

Ballard Spahr LLP

New York DFS Issues Guidance on Climate Change Risks for Financial Institutions

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On December 21, 2023, the New York Department of Financial Services (“DFS”) published guidance (the Guidance) to assist regulated institutions in assessing and managing their climate-related financial and operational risks....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

Epstein Becker & Green

Insurers in the Crosshairs: New York Targets Consumer Data and AI-Infused Insurance Underwriting and Pricing

As the implementation and integration of artificial intelligence and machine learning tools (AI) continue to affect nearly every industry, concerns over AI’s potentially discriminatory effects in the use of these tools...more

Alston & Bird

NYDFS Releases Circular Letter on Use of AI in Insurance Underwriting and Pricing

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On January 17, 2024, the New York State Department of Financial Services (“NYDFS”) issued a proposed circular letter for comment regarding the “Use of Artificial Intelligence Systems and External Consumer Data and Information...more

Alston & Bird

New York DFS to Impose Climate Change Safety and Soundness Expectations on Mortgage Lenders, Servicers, and other Regulated...

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What Happened? On December 21, 2023, the New York Department of Financial Services (“NYDFS”) published an 18-page guidance document (the “Guidance”) on managing material, financial and operational risks due to climate...more

Troutman Pepper

With Delayed Federal Action on Mandatory Climate Disclosures, States and Regulators Fill the Void

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In the absence of comprehensive federal action, states and regulators are enacting legislation and issuing guidance requiring climate-related disclosures, stepping in to fill the void left by the U.S. Securities Exchange...more

Mayer Brown

New York State Department of Financial Services Issues Proposed Artificial Intelligence Circular Letter

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On January 17, 2024, the New York State Department of Financial Services (“NYSDFS”) released a proposed circular letter addressing the use of external consumer data and information sources (“ECDIS”) and artificial...more

Clark Hill PLC

New York Department of Financial Services Proposes Circular to Address Insurance Companies’ Use of Artificial Intelligence

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On Jan. 17, the New York Department of Financial Services (“NYDFS” or “Department”) issued for public comment a proposed circular letter (“Circular”) for addressing the use of artificial intelligence systems (“AIS”) and...more

Alston & Bird

NYDFS Releases Industry Letter on the Use of Self-Service Password Reset Feature

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On January 12, 2024, the New York State Department of Financial Services (“NYDFS”) released a new Industry Letter on the use of self-service password reset (“SSPR”) services, which enable users to reset their own password...more

Mayer Brown

NYDFS Finalizes Climate Risk Management Guidance

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On December 21, 2023, the New York Department of Financial Services (“NYDFS”) finalized guidance on how the banks and mortgage institutions it regulates (“New York Institutions”) should manage climate-related financial and...more

Akin Gump Strauss Hauer & Feld LLP

NYDFS Amended Cybersecurity Rules: Overview of Upcoming Deadlines

On November 1, 2023, the New York Department of Financial Services (NYDFS) announced the adoption of amendments to its Cybersecurity Regulation 23 NYCRR Part 500 (“Amended Cybersecurity Rules” or “Amended Rules”). NYDFS...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

Patterson Belknap Webb & Tyler LLP

Implementation of DFS Cybersecurity Amendments Continues as Ransomware Attacks Dominate Headlines

Last month, as the New York State Department of Financial Services (“DFS”) began phasing in amended cybersecurity regulations and continued enforcement actions against noncompliant entities, a wave of ransomware attacks...more

WilmerHale

NYDFS Finalizes Amendments to Cybersecurity Regulations

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On November 1, 2023, New York Department of Financial Services (NYDFS or the “Department”) released the finalized revisions (the “Second Amendment”) to 23 NYCRR Part 500 (Part 500) – the most significant modifications to Part...more

A&O Shearman

NYDFS Finalizes Significant Amendment to Part 500 Cybersecurity Regulation

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On November 1, 2023, the New York State Department of Financial Services (“NYDFS”) issued its Second Amendment (the “Amendment”) to its Cybersecurity Requirements for Financial Services Companies adopted in 2017, codified in...more

Eversheds Sutherland (US) LLP

New York Raises the Bar Again: Revised Cybersecurity Requirements for Financial Services Companies Finalized

On November 1, 2023, the New York Department of Financial Services (NY DFS) published its highly anticipated final amendments to its influential cybersecurity requirements for financial services companies (Part 500)....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

Clark Hill PLC

Right To Know - November 2023, Vol. 11

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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

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