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NYDFS

NYDFS Announces Cybersecurity Settlement, Addresses Multi-Factor Authentication Rules

April 16, 2021 By Michael Young

On April 14, 2021, the New York Department of Financial Services (“NYDFS”) announced a settlement with National Securities Corporation (“National Securities”), a licensed insurer, in connection with claims under the NYDFS Cybersecurity Regulation (23 NYCRR Part 500). The consent order requires payment of a $3M penalty and mandatory remediation in response to alleged failures to […]

Filed Under: Cybersecurity, Data Breach, Data Protection, Data Security, Digital Crimes, Enforcement, Financial Privacy, Insurance Data Security, NYDFS, Regulation

NYDFS Reports Major Cybersecurity Settlement

March 11, 2021 By Michael Young and James Harvey

In early March, the New York Department of Financial Services (NYDFS) announced a settlement involving a $1.5M penalty and mandatory remediation in response to a mortgage lender’s alleged failure to report a cyber breach, and other alleged cybersecurity failures. This enforcement action marks the second public enforcement action under 23 NYCRR Part 500 (the “Cybersecurity […]

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

NYDFS Issues Best Practices for Cyber Insurance Risk Management

February 18, 2021 By Kate Hanniford

Against the backdrop of the disruptions associated with the Covid-19 pandemic and SolarWinds cyber-espionage campaign, NYDFS has released guidance for insurers that underwrite cyber insurance policies and which contains a number of provisions expected to impact companies applying for or renewing cyber insurance coverage, not the least of which is a specific recommendation that insurers […]

Filed Under: Advisories, Cyber Risk, Cybersecurity, NYDFS

Financial Regulatory Agencies Announce Proposed Rule Requiring Notice of Computer Security Incidents

January 12, 2021 By Kimberly Peretti, Emily Poole and Michael Young

On December 18, 2020, federal financial regulatory agencies jointly announced a proposed rule that would impose new and expanded reporting requirements on supervised banking organizations that experience a “computer-security incident,” requiring notice within 36 hours of any computer-security incident that rises to the level of a “notification incident.” In a significant departure from current reporting […]

Filed Under: Cybercrime, Cybersecurity, Data Security, Enforcement, NYDFS Tagged With: Bank Secrecy Act (BSA), Board of Governors of the Federal Reserve System, Computer-Security Incident, FDIC, Gramm-Leach-Bliley Act (GLBA), Notice of Proposed Rulemaking, Office of the Comptroller of the Currency (OCC), Suspicious Activity Report (SAR)

The NYDFS Brings First Enforcement Action under the Cybersecurity Regulation

July 27, 2020 By Kimberly Peretti, Amy Mushahwar and Dorian Simmons

On Tuesday, July 21, 2020, the New York Department of Financial Services (the “NYDFS”) brought its first enforcement action under its Cybersecurity Regulation (the “Regulation”) against a large title insurer (the “Company”) for failing to protect sensitive personal information.  The NYDFS is seeking civil monetary penalties, an order requiring the Company to remedy the alleged […]

Filed Under: Cybersecurity, Data Protection, Data Security, Enforcement, Financial Privacy, Insurance Data Security, NYDFS, Regulation

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  • NYDFS Announces Cybersecurity Settlement, Addresses Multi-Factor Authentication Rules
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  • NYDFS Reports Major Cybersecurity Settlement
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