Navigating the NYDFS' Cybersecurity Guidance on AI — The Consumer Finance Podcast
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Climate Risk, the emerging risk
The NYDFS Updates Its Stringent Cybersecurity Regulations. Is This a Bellwether of Coming Industry Change? - The Consumer Finance Podcast
How the New York Department of Financial Services (DFS) Regulates Virtual Currency, a Close Look with Special Guest Kaitlin Asrow, Executive Deputy Superintendent of Research and Innovation, DFS
Compliance Into The Weeds - DFS Fines Carnival Cruise Lines for Cyber Failures
Compliance into the Weeds: DFS First Cyber Case-First American Title
Videocast: Asset management regulation in 2020 videocast series – Regulators step up pressure to implement LIBOR transition plans
Your Cyber Minute: State influences bring a new dawn of cyber regulations
Your Cyber Minute: Compliance with the Proposed NYDFS Cybersecurity Regulation
Your Cyber Minute: Harriet Pearson and Greg Lisa on the Proposed NYDFS Cyber Security Regulation
Welcome to the “Data Privacy and Cybersecurity” chapter of our annual report, Consumer Financial Services: 2024 Year in Review. Consumer financial services regulators are taking a keen interest in artificial intelligence...more
Financial firms doing business in New York should be mindful of a recent e-blast sent by the state’s financial regulator concerning cybersecurity requirements that become effective in less than two months. The New York...more
The New York State Department of Financial Services recently announced that it has entered into a consent order with PayPal, Inc. for violations of the NYDFS Cybersecurity Regulation. The consent order, under which PayPal has...more
Keypoint: New York has amended its data breach notification law twice in the last 60 days to (1) add a 30-day deadline for notifying affected residents, (2) clarify that covered financial entities must still notify the New...more
On January 23, 2025, PayPal settled an enforcement action brought by the New York State Department of Financial Services (NY DFS) for failing to comply with cybersecurity regulations required for financial services businesses...more
On January 23, 2025, the New York Department of Financial Services (DFS) announced that it reached a $2,000,000 settlement as part of a broader consent order with a peer-to-peer payment platform (“P2P”) about its...more
The New York State Department of Financial Services (NYDFS) and the Attorney General’s office have recently imposed significant fines totalling $11.3 million on Geico and Travelers for data breaches that compromised the...more
Selected U.S. Privacy and Cyber Updates - NYDFS Releases Circular Letter on Use of AI in Insurance Underwriting and Pricing - On January 17, 2024, the New York State Department of Financial Services (NYDFS) issued a proposed...more
The New York State Department of Financial Services (“NYDFS”), which regulates financial services institutions including banks, insurance companies, and mortgage brokers, finalized an amendment to its Cybersecurity Regulation...more
Recent activity by the New York Department of Financial Services (NYDFS) and the Securities and Exchange Commission (SEC) highlight the continued focus by government regulators on cybersecurity. As these and other regulators...more
Key Point: The Federal Trade Commission (FTC) has amended the Safeguards Rule to require non-banking financial institutions to inform the FTC within 30 days of discovering any unauthorized acquisition of unencrypted customer...more
CYBERSECURITY - New York DFS Fines Robinhood $30M for “Significant” Cybersecurity Violations - The New York Department of Financial Services (DFS) announced its first ever penalty against a cryptocurrency platform...more
The New York Department of Financial Service recently clarified security incident notification requirements and the use of multi-factor authentication. On its FAQ page, the NYDFS added two new questions and answers for...more
We have written here previously about the dramatic increase in cyberattacks on companies of all types since the start of the COVID-19 pandemic. Indeed, by some estimates, ransomware attacks have increased over 90% during the...more
The Cybersecurity Division of the New York State Department of Financial Services (DFS) continues to ramp up enforcement of the Cybersecurity Regulation. In two recent settlements, DFS has begun to offer insight into how it...more
Earlier this month, the New York State Department of Financial Services (NYDFS) announced a settlement and consent order with National Securities Corporation (National Securities) for $3 million in connection with National...more
State Notifications Deemed to Trigger DFS Reporting of Non-material Breaches - Two successive Consent Orders have demonstrated the seriousness of non-compliance with New York’s Department of Financial Services financial...more
On April 14, 2021, the New York Department of Financial Services (“NYDFS”) announced a settlement with National Securities Corporation (“National Securities”), a licensed insurer, in connection with claims under the NYDFS...more
The New York Department of Financial Services (NYDFS) has settled alleged violations of the Department’s strict cybersecurity regulations with National Securities Corp. (NSC) for $3 million, over four separate cybersecurity...more
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
The New York Department of Financial Services (NYDFS) has announced its second regulatory enforcement action against a regulated entity (a New York licensed mortgage banker and loan servicer) for violating NYDFS’s...more
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
The New York State Department of Financial Services (DFS) announced its second enforcement action and first settlement under its cybersecurity regulations (23 NYCRR Part 500). At issue was a licensed mortgage lender's failure...more
On February 16, the New York State Department of Financial Services (DFS) issued a cyber fraud alert, warning of a growing cybercriminal campaign to steal consumer, Nonpublic Information (NPI). The hacked data is being taken...more
In what the New York Department of Financial Services (NYDFS) is touting as the first guidance by a U.S. regulator on cyber insurance, NYDFS announced on February 4, 2021, in Insurance Circular Letter No. 2 (2021), that it...more