Financial Institutions, Data Security, Covered Entities

Reminder: New York Cybersecurity Reporting Deadline April 15, 2025; New Regulations Effective May 1, 2025

Ogletree, Deakins, Nash, Smoak & Stewart,... on 3/21/2025

Covered entities regulated by the New York State Department of Financial Services (NYDFS) must submit cybersecurity compliance forms by April 15, 2025. New sets of requirements for system monitoring and access privileges,...more

NYDFS Consent Order Signals Regulator’s Growing Focus On Financial Institutions’ Incident Response And Security Practices

Goodwin on 3/23/2021

In early March, the New York State Department of Financial Services (“NYDFS”) announced a consent order that required Maine-based mortgage servicer Residential Mortgage Services, Inc. (“Residential”) to pay a $1.5 million...more

First Enforcement Action by New York Department of Financial Services Under Cybersecurity Regulation

Akin Gump Strauss Hauer & Feld LLP on 8/7/2020

On July 21, 2020, the New York Department of Financial Services (DFS) filed a “Statement of Charges and Notice of Hearing” (the “Charges”) against First American Title Insurance Company (the “Company”) alleging violations of...more

N.Y.’s New Cybersecurity Regulations: What Financial Services Companies Need to Know

Morrison & Foerster LLP - Social Media on 4/11/2017

With corporate data security breaches on the rise, the New York State Department of Financial Services (NYDFS) has adopted rules requiring financial institutions to take certain measures to safeguard their data and inform...more

Cybersecurity Requirements Proposed for New York Financial Companies

Snell & Wilmer on 10/20/2016

The New York Department of Financial Services has proposed new cybersecurity regulations “designed to promote the protection of customer information as well as the information technology systems of regulated entities...more

Alphabet Soup and Data Security

Bilzin Sumberg on 10/19/2015

In the span of two days, mobile device users learned of two data breaches that could compromise their personal data. In one, Experian (a credit reporting agency) reported that it was hacked, potentially putting 15 million...more