On November 9, 2022, the New York Department of Financial Services (NYDFS) published proposed amendments to significantly expand Cybersecurity Requirements for Financial Services Companies under 23 NYCRR 500 (the “NYDFS...more
On April 27, 2021, the New York State Department of Financial Services (“DFS” or the “Department”) released a report regarding its investigation into the response by DFS covered entities to the SolarWinds supply chain attack....more
5/5/2021
/ Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Hackers ,
Incident Response Plans ,
Information Technology ,
NYDFS ,
Russia ,
Software ,
SolarWinds ,
Supply Chain ,
Third-Party Service Provider
Ransomware victims face a nearly impossible decision: pay criminals holding their business hostage or refuse and face possible crippling consequences. This decision requires careful analysis of a number of considerations, and...more
2/25/2021
/ Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Hackers ,
Incident Response Plans ,
Information Technology ,
New Guidance ,
NYDFS ,
Personally Identifiable Information ,
Popular ,
Ransomware
On February 4, the New York Department of Financial Services (NYDFS) released Insurance Circular Letter No. 2 (2021), a Cyber Insurance Risk Framework (Framework) for insurers that write cyber insurance....more
2/17/2021
/ Consumer Insurance Products ,
Cyber Attacks ,
Cyber Crimes ,
Cyber Insurance ,
Cybersecurity ,
Cybersecurity Framework ,
Data Breach ,
Data Protection ,
Insurance Regulations ,
NYDFS ,
Popular ,
Risk Management ,
State and Local Government
Following promises of increased enforcement, on July 22, 2020, the New York Department of Financial Services (NYDFS) announced the first cybersecurity enforcement action pursuant to its Cybersecurity Regulation, which...more
Continuing its focus on COVID-19’s impact on its regulated entities, on April 13, the New York Department of Financial Services (NYDFS) released new cybersecurity guidance in response to the COVID-19 pandemic....more
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
2/28/2018
/ Banking Sector ,
Chief Information Security Officer (CISO) ,
Cybersecurity ,
Cybersecurity Framework ,
Data Protection ,
Financial Institutions ,
Financial Services Industry ,
Information Technology ,
Insurance Industry ,
NYDFS ,
Popular ,
Risk Assessment ,
Risk Management ,
Vulnerability Assessments
As Hogan Lovells previously reported, the New York State Department of Financial Services (NYDFS) has launched a significant initiative to impose detailed cybersecurity requirements on covered financial institutions. On...more
2/27/2017
/ Banking Sector ,
Chief Information Security Officer (CISO) ,
Confidential Information ,
Cybersecurity ,
Cybersecurity Framework ,
Data Protection ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
Information Technology ,
Insurance Industry ,
Notice Requirements ,
NYDFS ,
Personally Identifiable Information ,
Popular ,
Risk Assessment ,
Risk Management ,
Third-Party Service Provider