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NYDFS

NYDFS Issues Guidance on Multi-Factor Authentication

December 14, 2021 By Kim Peretti, Kate Hanniford and Kristen Bartolotta

The New York Department of Financial Services (NYDFS) continues to refine its position regarding the importance of and requirements regarding Multi-Factor Authentication (MFA), as evidenced most recently with the release of new guidance. This new guidance is consistent with its June guidance, in which NYDFS clarified its expectation that NYDFS-regulated covered entities subject to 500.12 […]

Filed Under: Cybersecurity, Data Protection, Data Security, Enforcement, NYDFS Tagged With: cybersecurity

California Federal Court Dismisses Data Security-Related Securities Fraud Class Action

October 1, 2021 By Sierra Shear, Cara Peterman and Madeleine Juszynski

A California federal court has dismissed a putative securities fraud class action alleging that a large title insurer that disclosed a data security incident in May 2019 made false and misleading statements related to its data security practices and the incident.  The dismissal follows the June 2021 settlement of a related Securities & Exchange Commission […]

Filed Under: California, Cyber Risk, Cybersecurity, Data Breach, Data Breach Litigation, NYDFS, Privacy Litigation, Security Breach

NYDFS Issues Guidance on Cybersecurity Controls to Combat Ransomware and Clarifies Reporting Obligations

July 3, 2021 By Lance Taubin, Kate Hanniford, Kim Peretti and Amy Mushahwar

The New York Department of Financial Services (NYDFS) issued new guidance this week intended to assist organizations in thwarting ransomware attacks. The guidance clarifies the NYDFS’ expectation that NYDFS-regulated companies should “implement these controls whenever possible” and report any successful deployment of ransomware or unauthorized access to privilege accounts to the NYDFS under its established […]

Filed Under: Cybersecurity, NYDFS Tagged With: ransomware

New York and Illinois Regulators Recommend Third Party Cybersecurity Review For Specific Vulnerabilities

May 21, 2021 By James Harvey and Privacy, Cyber & Data Strategy Team

This month, the Illinois Department of Insurance issued guidance to insurers recommending assessments in response to a Microsoft Exchange vulnerability, detailed in the guidance.  In the Bulletin dated May 5, the Department encourages regulated entities to “assess the risk to their systems and consumers and take steps necessary to address vulnerabilities and customer impact.” The […]

Filed Under: Cyber Risk, Cybercrime, Cybersecurity, Data Breach, Data Protection, Data Security, Digital Crimes, Enforcement, Financial Privacy, Insurance Data Security, NYDFS, Regulation, Security Breach, Supply Chain

NYDFS Issues Report on the SolarWinds Attack and Covered Entities’ Responses

April 29, 2021 By Kate Hanniford

Following the SolarWinds cyber espionage attack (the “Attack”) and the resulting focus on supply chain risk, the New York Department of Financial Services (NYDFS) has issued a report detailing the impact on and responses by its regulated covered entities to the Attack.  Although there have been no reported instances of active exploitation of DFS-regulated companies […]

Filed Under: Cyber Espionage, NYDFS, Security Breach, Supply Chain Tagged With: Supply chain, Third Party Risk

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