News & Analysis as of

Regulatory Agenda NYDFS Cybersecurity

Skadden, Arps, Slate, Meagher & Flom LLP

Cybersecurity Trends in the Digital Asset Space

After years of regulatory uncertainty, the Trump administration has signaled a new approach to digital assets, including by establishing a working group focused on digital assets and nominating crypto-friendly chairs to the...more

White & Case LLP

NYDFS Releases Artificial Intelligence Cybersecurity Guidance For Covered Entities

White & Case LLP on

On October 16, 2024, the New York State Department of Financial Services (the "DFS"), under its Cybersecurity Regulation—23 NYCRR Part 500—issued a memorandum providing guidance on the risks posed by artificial intelligence...more

Benesch

AI Reporter - November 2024

Benesch on

Several industry organizations have recently published AI guidelines, including the Digital Medicine Society (DMS), in partnership with Google and the Mayo Clinic. The DMS playbook includes both a strategy guide and an ROI...more

Eversheds Sutherland (US) LLP

AI at the gate: NYDFS issues guidance on addressing new AI-driven cybersecurity risks under existing cybersecurity requirements

On October 16, 2024, the New York State Department of Financial Services (DFS) issued an industry letter providing guidance on how DFS-regulated entities (covered entities) should be evaluating and responding to artificial...more

A&O Shearman

Cyber and AI: NYDFS has entered the chat

A&O Shearman on

On October 16, 2024, the New York Department of Financial Services (“NYDFS”) released an Industry Letter—entitled Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks (the “Letter”)....more

McDermott Will & Emery

NYDFS Issues Letter Highlighting Cybersecurity Risks of AI

McDermott Will & Emery on

On October 16, 2024, the New York State Department of Financial Services (NYDFS) published a letter to covered entities that calls attention to the risks posed by artificial intelligence (AI). This non-binding guidance letter...more

Jenner & Block

Client Alert: How Regulatory Events of 2023 Should Guide Financial Institutions' New Year's Resolutions for 2024

Jenner & Block on

As consumer-facing financial institutions of all types—from well-established banks to newly-launched fintechs—set their 2024 regulatory compliance goals, they may wonder if their New Year’s resolutions align with those that...more

Jones Day

New York Governor Proposes Stringent Cybersecurity Regulations for Hospitals

Jones Day on

New York is the first state to propose cybersecurity requirements for all hospitals operating in the state to address patient safety and other cybersecurity related issues....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

McDermott Will & Emery

NYDFS Finalizes Amendments to Cybersecurity Regulation Impacting Financial Services Companies

McDermott Will & Emery on

On November 1, 2023, the New York Department of Financial Services (NYDFS) amended Part 500, the cybersecurity regulation. These updates follow numerous NYDFS enforcement actions and other new cybersecurity rules, such as the...more

Jenner & Block

Client Alert: New York Issues Significant Amendments to its Forward-Leaning Cyber Regulations

Jenner & Block on

In 2017, the New York Department of Financial Services (“NYDFS”) enacted a landmark regulation requiring financial services institutions such as banks and insurance companies in the state to meet substantial cybersecurity...more

Sheppard Mullin Richter & Hampton LLP

New York Settles with Crypto Company, Proposes Crypto Legislation

On May 1, NYDFS settled with a cryptocurrency trading platform over the company’s cybersecurity deficiencies, resulting in a consent order and $1.2 million fine for the crypto company. NYDFS alleged “multiple deficiencies in...more

Morgan Lewis - Tech & Sourcing

NYDFS Publishes Proposed Amendment to Its Cybersecurity Rules for Financial Services Companies

The New York Department of Financial Services (NYDFS) published its proposed amendment to its 23 NYCRR Part 500 (Cybersecurity Rules) on November 9, 2022, following the release of the draft version on July 29, 2022....more

Ballard Spahr LLP

NY Dept. of Financial Services issues proposed student loan servicer regulations

Ballard Spahr LLP on

The New York Department of Financial Services (NYDFS) has issued proposed regulations to implement the legislation enacted in April 2019 that requires servicers of student loans to be licensed, imposes servicing standards,...more

Eversheds Sutherland (US) LLP

The New York Department of Financial Services Releases Potential New Cybersecurity Rules

On November 9, Anthony Albanese, Acting Superintendent of the New York Department of Financial Services (the NYDFS), sent a letter to the 18 members of the Financial and Banking Information Infrastructure Committee (the...more

Morrison & Foerster LLP

The CSBS Finalizes Model Framework for Virtual Currencies

On September 15, 2015, the Conference of State Bank Supervisors (“CSBS”) issued its final Model Regulatory Framework on virtual currency activities (“Final Framework”). The Final Framework follows the CSBS’s December 2014...more

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