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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
On November 1, 2023, the New York Department of Financial Services (NYDFS) announced the adoption of amendments to its Cybersecurity Regulation 23 NYCRR Part 500 (“Amended Cybersecurity Rules” or “Amended Rules”). NYDFS...more
Balancing cybersecurity incident disclosures has been a challenge for those in the trenches for years. That has not changed, and recent regulatory activity should not alter the challenges breach counsel confront. In short,...more
Covered financial institutions now face heightened expectations in relation to cybersecurity governance, risk assessment, and incident reporting. The New York State Department of Financial Services’ (DFS) amendments (the...more
On November 1, the New York Department of Financial Services (NYDFS) amended its cybersecurity regulations to set additional notification, administrative, training and technical requirements. The Amended Cybersecurity...more
New reporting obligations for covered entities under New York Department of Financial Services (NYDFS) Part 500 Cybersecurity Regulations went into effect on December 1, 2023. These new requirements are one portion of the...more
The New York State Department of Financial Services (“NYDFS”), which regulates financial services institutions including banks, insurance companies, and mortgage brokers, finalized an amendment to its Cybersecurity Regulation...more
On November 1, 2023 the New York Department of Financial Services ("DFS") released amended cybersecurity regulations ("Regulations"). These changes will impose additional controls, demand more frequent risk assessments, and...more
On November 1, 2023, New York Department of Financial Services (NYDFS or the “Department”) released the finalized revisions (the “Second Amendment”) to 23 NYCRR Part 500 (Part 500) – the most significant modifications to Part...more
On November 1, 2023, the New York State Department of Financial Services (“NYDFS”) issued its Second Amendment (the “Amendment”) to its Cybersecurity Requirements for Financial Services Companies adopted in 2017, codified in...more
The Biden Administration Issues Executive Order on Artificial Intelligence - On October 30, 2023, President Biden signed an Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence (the “Order”)...more
The New York Department of Financial Services (“NYDFS”) has released a comprehensive revision of the cybersecurity requirements for state-regulated financial services firms, including banks and insurance companies. The new...more
A major amendment to the New York State Department of Financial Services' cybersecurity regulations establishes affirmative cybersecurity oversight duties and requires companies to report extortion payments to the agency....more
Join Troutman Pepper Partner Chris Willis as he discusses the New York Department of Financial Services’ (NYDFS) latest updates to its cybersecurity regulations with Troutman Pepper Privacy + Cyber Partner Kim Phan. With data...more
On November 1, 2023, the New York State Department of Financial Services (“DFS”) amended its cybersecurity regulations to institute additional standards and controls aimed at securing sensitive data among the financial...more
Our Privacy, Cyber & Data Strategy and Privacy & Cybersecurity Litigation teams examine the New York Department of Financial Services’ finalized Second Amendment to its Cybersecurity Regulation....more
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
The New York Department of Financial Services (NYDFS) adopted a long-expected amendment to its Part 500 Cybersecurity Regulations (Part 500) this week. These are the first significant changes to Part 500 since its inception...more
The New York State Department of Financial Services (NYDFS) recently published a revised proposed second amendment to its cybersecurity regulation, 23 NYCRR 500. ...more
The New York Department of Financial Services (“NYDFS”) released a “revised proposed second amendment” on June 28 that makes further changes to its Cybersecurity Regulation (“23 NYCRR Part 500”). Part 500 was first enacted in...more
On June 28, NYDFS published an updated proposed second amendment to the state’s cybersecurity regulation (23 NYCRR 500) reflecting revisions made by the department in response to comments received on proposed expanded...more
On May 25, 2023, the New York Department of Financial Services (NYDFS) announced that OneMain Financial Group (OneMain) will pay a $4.25 million fine pursuant to a consent order to settle alleged violations of NYDFS’s...more
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
On March 16, NYDFS issued a consent order against a payment service provider for allegedly failing to comply with the state’s virtual currency and cybersecurity regulations. The company was licensed to engage in virtual...more
In this article, the authors discuss a second amendment proposed by the New York State Department of Financial Services to its Cybersecurity Requirements for Financial Services Companies. The New York State Department of...more