Popular, Risk Assessment, NYDFS

Weekly Blockchain Blog - June 2024 #2

BakerHostetler on 6/10/2024

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

New York DFS Finalizes Amendments to Cybersecurity Regulations

Hudson Cook, LLP on 12/1/2023

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

NYDFS Expands Cybersecurity Regulations: Extortion Payment Reporting, Corporate Governance, and Technical Requirements

Jones Day on 11/16/2023

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

NY DFS Releases Revised Proposed Second Amendment of its Cybersecurity Regulation

Alston & Bird on 7/12/2023

The New York Department of Financial Services (“NY DFS”) published an updated proposed Second Amendment to its Cybersecurity Regulation (23 NYCRR Part 500) in the New York State Register on June 28, 2023, updating its...more

NYDFS Penalizes bitFlyer $1.2 Million for Violations to Cybersecurity Regulation

Alston & Bird on 5/15/2023

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

NYDFS Proposes Amendments to Cybersecurity Regulation

Holland & Knight LLP on 11/17/2022

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

New York Department of Financial Services' EyeMed Settlement Emphasizes Risk Assessments, Email Controls (UPDATED)

Davis Wright Tremaine LLP on 11/17/2022

The New York Department of Financial Services (NYDFS) continues to be a major player in data security enforcement. On Oct. 18, 2022, NYDFS announced that it had entered into a consent order with EyeMed Vision Care LLC...more

New York Financial Services' EyeMed Settlement Emphasizes Risk Assessments, Email Controls

Davis Wright Tremaine LLP on 11/11/2022

The New York Department of Financial Services (NYDFS) continues to be a major player in data security enforcement. On Oct. 18, 2022, NYDFS announced that it had entered into a consent order with EyeMed Vision Care LLC...more

Data Privacy and Cybersecurity New Laws and Regulations Report

Paul Hastings LLP on 10/6/2022

Throughout 2022, we continue to see regulators placing an emphasis on the importance of protecting and securing information, in particular consumer personal information, at both the federal and state levels. ...more

New York Department of Financial Services Proposes New Cybersecurity Rules

King & Spalding on 8/25/2022

On July 29, 2022, the New York Department of Financial Services (“NYDFS”) released Draft Amendments to its Part 500 Cybersecurity Rules, which propose substantial new obligations for the cybersecurity programs of companies...more

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

Holland & Knight LLP on 1/13/2022

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

New Cyber Insurance Risk Framework Provides Best Practices for the Insurance Industry

Bradley Arant Boult Cummings LLP on 3/8/2021

The cyber insurance market size is currently valued in the billions, and this does not include insurance policies that do not explicitly mention cyber incidents but may nevertheless cover them. With this in mind,...more

NYDFS Announces Cyber Insurance Risk Framework to Address Increasing Cyber Risk

White and Williams LLP on 2/8/2021

Even if your company does not report to the New York Department of Financial Services (DFS), all insurers should heed warning to prepare for future cyber risk regulations and requirements. Cyber risk is real and has the...more

New York Fires First Salvo Under Cybersecurity Law

Poyner Spruill LLP on 9/23/2020

The New York Department of Financial Services (NYDFS) has launched its first enforcement action under New York’s Cybersecurity law for financial services, so-called Part 500. Part 500 requires NYDFS licensed institutions to...more

New York Brings Long-Awaited Cybersecurity Message Case

BakerHostetler on 7/31/2020

Ever since the New York State Department of Financial Services (DFS) instituted its first-in-the-nation Cybersecurity Regulation in 2017, banks, insurance companies, and others in the financial services industry wondered what...more

Energy Newsletter - April 2020

King & Spalding on 4/17/2020

Developing Contingency Plans: The NYDFS Mandate on Licensed Virtual Currency Businesses - The events surrounding COVID-19 have increased the use of fintech products, both out of necessity and convenience. Shelter-in-place...more

New York Dept of Financial Services (NYDFS) Extends Cybersecurity Compliance Deadline

Mintz - Privacy & Cybersecurity Viewpoints on 4/1/2020

The NYDFS has announced that it has extended the deadline for compliance with certain cybersecurity requirements due to the coronavirus emergency. The announcement from the Superintendent of Financial Services of the State...more

New Requirements Under New York Cybersecurity Rules Take Effect

Arnall Golden Gregory LLP on 9/6/2018

The next phase of New York’s cybersecurity rules entered into force on September 4, 2018, requiring Covered Entities, including insurance companies, banks, and other financial services companies regulated by the New York...more

Deadline Approaches For Major Requirements Under New York’s Cybersecurity Rule

Bond Schoeneck & King PLLC on 8/29/2018

New York’s cybersecurity regulations (“Regulations”) set forth rolling deadlines, with some of the most significant mandates coming into play on September 1, 2018. Issued by the Department of Financial Services (“DFS”), and...more

NYDFS Cybersecurity Update: Two Transition Dates Remaining

Locke Lord LLP on 4/9/2018

Several of the new requirements of the New York State Department of Financial Services (DFS) Cybersecurity Regulation are now operative for firms and individuals engaged in financial services (including insurance companies...more

A Closer Look at the NAIC Insurance Data Security Model Law

Locke Lord LLP on 4/6/2018

Following New York’s lead after the Department of Financial Services (the NYDFS) promulgated its Cybersecurity Regulation, in October 2017 the NAIC adopted its Insurance Data Security Model Law (the NAIC Model) to establish...more

New York Cybersecurity Regulations: Additional Testing and Reporting Requirements Take Effect

McGuireWoods LLP on 3/7/2018

The one-year transitional period under the New York Department of Financial Services (NYDFS) Cybersecurity Requirements for Financial Services Companies expired on March 1, 2018. Financial services companies that are...more

A guide to NYDFS Cybersecurity Regulation's March 1 implementation deadline

Hogan Lovells on 2/28/2018

It’s been almost a year since the New York State Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) came into effect. Since that time, a series of key dates have marked the implementation of...more

Deadline to Comply with New York's Cybersecurity Regulation Is Approaching

Jones Day on 8/21/2017

For entities regulated by the New York Department of Financial Services, the deadline for complying with the new Cybersecurity Requirements for Financial Services Companies, 23 NYCRR Part 500, is Monday, August 28, 2017. To...more

New York’s Cybersecurity Requirements for DFS Licensees: A New Item at the Top of the To-Do List

Locke Lord LLP on 6/8/2017

With the compliance date only a few months away, licensees of the New York Department of Financial Services (DFS) must start taking action immediately to comply with the coming cybersecurity requirements, which will be more...more

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