The SEC has settled an enforcement action against a large title insurer in connection with public statements and disclosures made by the company in May 2019 relating to a data security incident. The underlying data security incident was the subject of the first set of charges brought by the New York Department of Financial Services […]
Search Results for: NYDFS
New York and Illinois Regulators Recommend Third Party Cybersecurity Review For Specific Vulnerabilities
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 […]
COVID-19 Is Not A Free Pass For Privacy And Security Compliance
In the wake of stay-at-home orders stemming from the COVID-19 pandemic, companies have rushed to provide work-from-home options for many, if not all, of their employees. As exigency fades into the new normal, however, the California Attorney General and New York’s Department of Financial Services (NYDFS) – two key privacy and security regulators – have […]
New York Financial Regulator Requires COVID-19 Risk Assessment, Operational Planning
Last week the New York Department of Financial Services (the “Department”) issued letters to all its licensed financial institutions. Based on these letters (available here and here), all Department licensees must assess and plan for the financial risk of COVID-19 and, separately, develop operational plans for managing their response to the virus. The Department requires […]
FTC Announces New Cybersecurity Requirements, Privacy Rule Update
In March, the Federal Trade Commission announced proposed updates to two key privacy and security regulations, the Safeguards Rule and Privacy Rule. Both rules implement regulations under the federal Gramm Leach Bliley Act, and the FTC seeks comments for both. The FTC’s proposed update to the Safeguards Rule would impose a number of information security […]