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How the New York Department of Financial Services (DFS) Regulates Virtual Currency, a Close Look with Special Guest Kaitlin Asrow, Executive Deputy Superintendent of Research and Innovation, DFS
Compliance Into The Weeds - DFS Fines Carnival Cruise Lines for Cyber Failures
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Your Cyber Minute: State influences bring a new dawn of cyber regulations
Your Cyber Minute: Compliance with the Proposed NYDFS Cybersecurity Regulation
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On October 16, 2024, the New York State Department of Financial Services (NYDFS) released guidance highlighting the cybersecurity risks associated with artificial intelligence (AI) and how covered entities regulated by NYDFS...more
Keypoint: The New York Department of Financial Services (NYDFS) circulated an industry letter offering guidance to NYDFS “Covered Entities” for assessing and managing AI-related cybersecurity risks, including threats...more
On October 16, 2024, the New York State Department of Financial Services (NYDFS or the “Department”) published an industry letter (the “Guidance”) regarding the increased reliance on artificial intelligence (AI) and the...more
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
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
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
The New York Department of Financial Services (DFS) has issued guidance, in the form of an industry letter, on addressing cybersecurity risks arising from artificial intelligence (AI) under its cybersecurity regulation, 23...more
A major amendment to the New York State Department of Financial Services' cybersecurity regulations establishes affirmative cybersecurity oversight duties and requires companies to report extortion payments to the agency....more
On March 16, NYDFS entered a consent order resolving an examination of a payment service provider that allows merchants to accept Bitcoin payments from customers in exchange for the equivalent value in local currency credited...more
In December, NYDFS released revised proposed amendments to 23 NYCRR 1, which regulates third-party debt collectors and debt buyers. NYDFS first issued a proposed amendment to 23 NYCRR 1 in December 2021 ...more
On July 29, 2022, the New York Department of Financial Services (NYDFS) published the pre-proposed second amendment to its Cybersecurity Regulations, 23 NYCRR 500 (Part 500), that if adopted, would likely require numerous...more
The Department of Labor recently issued cybersecurity guidance to retirement plans. The department’s Employee Benefits Security Administration (EBSA) issued guidance in three areas: (1) hiring and working with vendors and...more
The New York State Department of Financial Services recently issued recommendations to financial institutions in the aftermath of the SolarWinds cyberattack. In that attack, hackers inserted malware into SolarWinds software...more
On April 27, 2021, the New York State Department of Financial Services (“DFS” or the “Department”) released a report regarding its investigation into the response by DFS covered entities to the SolarWinds supply chain attack....more
Keypoint: New York’s Division of Financial Services (DFS) now requires Property and Casualty Insurers writing cyber insurance to comply with the Division’s Cyber Insurance Risk Framework to manage their risk. In her...more
Originally proposed by the New York Department of Financial Services (NYDFS) in 2019 and constituting what the Mortgage Bankers Association has described as “the first major update to Part 419 since its adoption almost 10...more
Covered entities received two cybersecurity wake up calls from insurance regulators this month. As we have reported, the New York State Department of Financial Services (DFS) issued its long-awaited first cyber enforcement...more
Developing Contingency Plans: The NYDFS Mandate on Licensed Virtual Currency Businesses - The events surrounding COVID-19 have increased the use of fintech products, both out of necessity and convenience. Shelter-in-place...more
The NYDFS has announced that it has extended the deadline for compliance with certain cybersecurity requirements due to the coronavirus emergency. The announcement from the Superintendent of Financial Services of the State...more
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
March is now here and with it the Cybersecurity Regulation of the New York Department of Financial Services (NYDFS) is now in full force and effect, including requirements relating to Third Party Service Providers (e.g.,...more
The February 15, 2019 NYDFS compliance certification deadline represents the last annual compliance certification subject to the transition period for covered entities to come into compliance with the cybersecurity...more
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
In prior issues, we have reported on the various requirements imposed by the New York Department of Financial Services (the DFS) Cybersecurity Regulation (23 NYCRR 500) (the Regulation) on “Covered Entities,” which are...more
Financial institutions regulated by the New York Department of Financial Services (DFS)—referred to in this post as “Covered Entities”—should by now be well familiar with the department’s sweeping cybersecurity regulation, 23...more