News & Analysis as of

NYDFS Third-Party Service Provider Covered Entities

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

New York State Department of Financial Services Releases Guidance on Combating Cybersecurity Risks Associated With AI

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

Husch Blackwell LLP

NYDFS Issues Guidance to Mitigate AI Cybersecurity Risks

Husch Blackwell LLP on

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

Goodwin

NYDFS Publishes Guidance on AI-Related Cybersecurity Risks

Goodwin on

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

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

Faegre Drinker Biddle & Reath LLP

NYDFS Releases Pre-Proposed Second Amendment to its Cybersecurity Regulations, 23 NYCRR 500

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

Hinshaw & Culbertson - Consumer Crossroads

Another Cybersecurity Wake Up Call: Connecticut Insurance Department Issues Guidance on Cyber Law Set to go Into Effect

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

Troutman Pepper Locke

Third Party Service Provider Cybersecurity Management: The (Not Quite) Last Requirement of the New York Department of Financial...

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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

Pillsbury - Global Sourcing Practice

The Deadline Looms for New York Cybersecurity Regulations Vendor Compliance Requirements

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

Proskauer on Privacy

New York DFS Cybersecurity September 2018 Deadline

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The New York Department of Financial Services cybersecurity regulation 23 NYCRR 500 (the “Regulation”) came into effect in March 2017 and established four staggered compliance deadlines for its various requirements. By the...more

Fisher Phillips

New York's Far-Reaching Cybersecurity Law Takes Effect March 1 - Are You Ready?

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New York’s Department of Financial Services Cybersecurity regulation became effective March 1. According to the press release issued with the regulation, the regulation is intended to require banks, insurance companies and...more

Pillsbury - Global Sourcing Practice

Sweeping New York Cyber Regulations Hit Financial Institutions March 1: Time to Look at Those Vendor Relationships

Effective March 1, 2017, first-in-kind regulations issued by the New York Department of Financial Services (New York DFS) will begin to affect a wide array of both depository and non-depository financial institutions. The new...more

Orrick - Finance 20/20

New York Department of Financial Services Promulgates First-in-the-Nation State Cybersecurity Regulation

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On February 16, 2017, the New York Department of Financial Institutions (“DFS“) promulgated a regulation that requires “Covered Entities” to establish and maintain a cybersecurity program designed to protect consumers and the...more

Cadwalader, Wickersham & Taft LLP

New York State Revises “First-In-Nation” Cybersecurity Rules

The New York Department of Financial Services (“DFS”) recently issued a revised version of the cybersecurity rules that it first announced in the fall of last year. The rules apply to a wide range of insurance, banking, and...more

Bond Schoeneck & King PLLC

Cybersecurity and Data Privacy: Proposed New York State Regulations Updated, Implementation Delayed (1/17)

On September 16, 2016 we informed you of new proposed cybersecurity regulations that would cover all entities regulated by the New York State Department of Financial Services (DFS). On December 28, 2016, DFS released...more

Proskauer on Privacy

New York Department of Financial Services Revises Cybersecurity Proposal: Greater Flexibility and Delayed Compliance Deadlines

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As we previously reported, in December 2016 the New York Department of Financial Services (the “DFS”) announced that it was revising its proposed regulation that would require banks, insurance companies and other financial...more

BakerHostetler

New York Department of Financial Services Issues Revised Cybersecurity Regulations

BakerHostetler on

With the clock ticking down to the new year, on December 28, 2016, the New York State Department of Financial Services (NYDFS) released highly anticipated revisions to its proposed Cybersecurity Requirements for Financial...more

Proskauer on Privacy

Financial Industry Groups Criticize New York Department of Financial Services Cybersecurity Proposal

Proskauer on Privacy on

As we previously reported, in September 2016 the New York Department of Financial Services (the “DFS”) proposed a regulation that would require banks, insurance companies and other financial services institutions regulated by...more

Stinson LLP

Emerging Trends Newsletter - Q3

Stinson LLP on

We are thrilled to bring you the third installment of Stinson Leonard Street's Emerging Trends newsletter. We are proud of the depth and breadth of experience and knowledge across our firm's 13 offices nationwide and are...more

Stinson - Corporate & Securities Law Blog

The New York State Department of Financial Services Proposes Robust Cybersecurity Rules

On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic...more

Morgan Lewis

NYDFS: “First-In-The-Nation” Cybersecurity Proposal

Morgan Lewis on

New “first-in-the-nation” cybersecurity rules in the pipeline for banks, insurers, and financial services companies regulated in New York could prove costly for companies, but will they improve cybersecurity?...more

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