News & Analysis as of

NYDFS Risk Assessment Enforcement Actions

BakerHostetler

Weekly Blockchain Blog - June 2024 #2

BakerHostetler on

TradFi/DeFi Integrations Announced, Yield-Bearing Stablecoin Launches - According to reports, Robinhood, a major U.S. financial services company, has entered into an agreement to acquire Bitstamp, a global cryptocurrency...more

Orrick, Herrington & Sutcliffe LLP

Top 5 Takeaways from NYDFS $1.2 Million Fine in Cybersecurity Case

On May 1, the New York Department of Financial Services (“NYDFS” or “Department”) and a trading platform entered into a consent order to resolve deficiencies identified during examinations conducted in 2018 and 2020. The...more

Alston & Bird

NYDFS Penalizes bitFlyer $1.2 Million for Violations to Cybersecurity Regulation

Alston & Bird on

On May 1, 2023, bitFlyer USA, Inc. (“bitFlyer”) entered into a Consent Order with the New York Department of Financial Services (“DFS”) for multiple deficiencies in bitFlyer’s cybersecurity program, most notably for failure...more

Holland & Knight LLP

NYDFS Proposes Amendments to Cybersecurity Regulation

Holland & Knight LLP on

The New York Department of Financial Services (NYDFS) on Nov. 9, 2022, released Proposed Amendments to its Cybersecurity Regulation. The NYDFS Cybersecurity Regulation was one of the first laws requiring companies to comply...more

Holland & Knight LLP

The Impact of Cybersecurity Regulations on the Financial Services Industry in 2022

Holland & Knight LLP on

Following the SolarWinds and the Colonial Pipeline cyberattacks, the Biden Administration emphasized a shift toward mandatory cybersecurity requirements. Throughout 2021, government agencies issued new cybersecurity guidance,...more

Akin Gump Strauss Hauer & Feld LLP

New York Department of Financial Services Issues Millions of Dollars in Penalties, Signaling Increased Cybersecurity Enforcement

On April 14, 2021, the New York Department of Financial Services (DFS) announced it settled an enforcement action against National Securities Corporation (“National Securities”) related to claims under the Cybersecurity...more

White & Case LLP

Cybersecurity Enforcement: New York Department of Financial Services issues first penalty under Cybersecurity Regulation

White & Case LLP on

Consistent with its increasing activity in the cybersecurity enforcement space, in March 2021, the NYDFS issued its first penalty under the Cybersecurity Regulation. This client alert explores the settlement and offers...more

Hinshaw & Culbertson - Consumer Crossroads

Validating Cyber Compliance in Light of the First DFS Enforcement Action

We recently reported on the New York State Department of Financial Services' (DFS) first enforcement action under its 2017 cybersecurity regulation ("Part 500"), which prescribes how financial services companies licensed to...more

McDermott Will & Emery

NYDFS—First Enforcement Action under Cybersecurity Regulation

McDermott Will & Emery on

On July 21, 2020, the New York Department of Financial Services (NYDFS) announced that it had filed its first enforcement action under 23 NYCRR 500 (the “Cybersecurity Regulation”) against First American Title Insurance (the...more

Ballard Spahr LLP

New York Department of Financial Services opens investigation into Facebook advertisers

Ballard Spahr LLP on

Only a few months have passed since the U.S. Department of Housing and Urban Development filed a charge of discrimination against Facebook, alleging that the ad-targeting techniques used to determine which users would see...more

Ballard Spahr LLP

Update: Government Enforcement in the Cryptocurrency Space

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First Post in a Two-Part Series - Recent actions in the crypto realm demonstrate that authorities and regulators have not slackened their commitment to applying and enforcing Anti-Money Laundering (“AML”) laws and...more

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