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Regulatory Requirements NYDFS

Hogan Lovells

NYDFS: Penultimate set of cybersecurity requirements under amended Part 500 take effect May 1, 2025

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On May 1, 2025, additional cybersecurity requirements introduced by the Second Amendment to the New York Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) (the “Second Amendment”) took...more

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

Alston & Bird

Additional Cybersecurity Requirements of NYDFS Part 500 Take Effect

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On May 1, 2025, additional enhanced cybersecurity controls required by the Second Amendment to the New York Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) (the “Second Amendment”) take...more

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

Alston & Bird

Cybersecurity Controls: What Do Regulators Expect Nowadays?

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Our Privacy, Cyber & Data Strategy Team highlights the increasingly specific cybersecurity controls identified by regulators, explains why these enhanced cybersecurity controls have become the focus of regulators, and shares...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

Are Your Cybersecurity Controls Ready for the New York State Department of Financial Services' Deadlines?

In November 2023, New York State's Department of Financial Services (NYDFS) amended its cybersecurity regulation, Part 500. This legal alert provides an update for Covered Entities and Class A Businesses on the current NYDFS...more

BakerHostetler

Weekly Blockchain Blog - April 2025 #2

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Digital Asset Companies Announce New Partnerships, Acquisitions, Products - A recent press release announced that Ripple, a U.S. fintech and digital asset infrastructure provider, has agreed to acquire Hidden Road, a prime...more

Sheppard Mullin Richter & Hampton LLP

NYDFS Joins Multistate Action Against Money Transmitter for Financial and Licensing Violations

On March 20, the New York Department of Financial Services (NYDFS) entered into a consent order with a money transmitter, joining a group of state financial regulators acting through a multi-state task force coordinated by...more

Quarles & Brady LLP

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

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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

Davis Wright Tremaine LLP

Deadline Approaching: Covered Entities Must File Certifications of Compliance With Amended NYDFS Cyber Regulation by April 15

In November 2023, the New York Department of Financial Services (NYDFS) issued its second amendment to its "Cybersecurity Requirements for Financial Services Companies (the Cybersecurity Regulation or Part 500). This was the...more

Husch Blackwell LLP

Deadline Ahead: NYDFS Compliance Notifications are due by April 15

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Businesses that are subject to the NYDFS Cybersecurity Regulations have four weeks left to submit their annual notices of compliance or acknowledge their noncompliance. When the regulations were amended in 2023, several of...more

Goodwin

2024 Year in Review: Data Privacy and Cybersecurity

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Welcome to the “Data Privacy and Cybersecurity” chapter of our annual report, Consumer Financial Services: 2024 Year in Review. Consumer financial services regulators are taking a keen interest in artificial intelligence...more

Katten Muchin Rosenman LLP

NYDFS Annual Compliance Submissions Due April 15, 2025 and New Compliance Requirements Effective on May 1, 2025

As we previously reported, in 2023 the New York State Department of Financial Services (NYDFS) amended its cybersecurity regulation, 23 NYCRR 500 (or Part 500). As of November 1, 2024, Class A Companies and Covered Entities...more

Kramer Levin Naftalis & Frankel LLP

NYDFS Updates Regulated Firms on Upcoming Cyber Requirements

Financial firms doing business in New York should be mindful of a recent e-blast sent by the state’s financial regulator concerning cybersecurity requirements that become effective in less than two months. The New York...more

Orrick, Herrington & Sutcliffe LLP

NYDFS reminds covered entities to submit notifications by April 15

On February 27, NYDFS reminded covered entities subject to the Cybersecurity Regulation to submit their annual compliance notifications for the 2024 calendar year. Covered entities must submit the compliance filing by April...more

Orrick, Herrington & Sutcliffe LLP

New York State amends law on data breach notifications

On February 14, the Governor of New York signed into law SB 804 (the “Act”), which amends the general business law concerning when and how notifications for data breaches are provided to the New York Department of Financial...more

Constangy, Brooks, Smith & Prophete, LLP

Are you in the know? New York amends data breach law

On December 24, New York Gov. Kathy Hochul (D) signed into law an amendment to section 899-aa of the N.Y. General Business Law, also known as The Shield Act, modifying the law’s data breach notification requirements....more

Faegre Drinker Biddle & Reath LLP

Lessons from PayPal’s $2 Million Cybersecurity Settlement with the New York State Department of Financial Services

On January 23, 2025, PayPal settled an enforcement action brought by the New York State Department of Financial Services (NY DFS) for failing to comply with cybersecurity regulations required for financial services businesses...more

Paul Hastings LLP

State Stablecoin Legislation

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Stablecoins, which are digital assets pegged to fiat currency or other assets, play a crucial role in crypto markets, offering price stability and facilitating transactions. Despite their growing significance, there is no...more

Sheppard Mullin Richter & Hampton LLP

New York Proposes Limits on Overdraft and NSF Fees

On January 23, 2025 the New York Department of Financial Services (NYDFS) announced proposed regulations to curb overdraft fees and insufficient funds fees charged by banks in New York. The proposed rules aim to protect...more

Alston & Bird

New York Passes New Removal Procedures for Officers, Directors, Trustees, and Partners of Any Entity Regulated by Department of...

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What Happened? On December 21, 2024, New York Governor Kathy Hochul, signed into law, S7532, which repealed the existing section of the Banking Law addressing the removal of officers, directors, and trustees of banking...more

White & Case LLP

NYDFS Releases Artificial Intelligence Cybersecurity Guidance For Covered Entities

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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

Pillsbury Winthrop Shaw Pittman LLP

New York Department of Financial Services’ New Enhanced Cybersecurity Requirements Effective November 1, 2024

On November 1, 2024, the next phase of several significant amendments to the New York Department of Financial Services’ (NYDFS) cybersecurity regulation take effect. These specific amendments, enacted in 2023, impact the...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

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