Tagged as: NYDFS Cybersecurity Regulation

NYDFS Escalates and Expands Cybersecurity Enforcement

On October 18, 2022, the New York Department of Financial Services (“NYDFS”) announced the execution of its sixth consent order for alleged violations of Cybersecurity Regulation, Part 500 of Title 23 of the New York Codes, Rules, and Regulations (“Part 500”).  This latest settlement imposes a $4.5 million fine on…

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Thirty-Six Hour Breach Notification Rule Puts Banking Organizations on Notice

In response to the growing threat to financial stability posed by cybersecurity incidents, the Office of the Comptroller of the Currency (OCC), the U.S. Department of the Treasury, the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC) (collectively, the “agencies”) published a rule titled “Computer-Security Incident Notification Requirements…

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Link to Video - NYDFS Cybersecurity Regulation Webinar

Now in its fifth year, the NYDFS Cybersecurity Regulation is a standout among state-level information security regulations. This year, the NYDFS is investing additional resources into cybersecurity, with a new NYDFS Cyber Intelligence Unit formed in 2021, new ransomware guidance, and increasing enforcement. Compliance with the NYDFS Cybersecurity Regulation requires…

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NYDFS Issues Ransomware Guidance Aimed at Combatting Rising Cyber Threats

The exponential rise in ransomware attacks in the past year has everyone on high alert, not least of which are regulators. Following on the heels of a June 2, 2021 White House memo addressing ransomware prevention, on June 30, 2021 the New York Department of Financial Services (“NYDFS”) issued new ransomware guidance of its…

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