News & Analysis as of

NYDFS Hackers Financial Services Industry

Faegre Drinker Biddle & Reath LLP

Lessons from PayPal’s $2 Million Cybersecurity Settlement with the New York State Department of Financial Services

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

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - January 2021 #3

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CYBERSECURITY - NYDFS - Cybersecurity Certificate of Compliance Due April 15, 2021 The New York Department of Financial Services (DFS), which regulates certain covered entities and licensed persons in the financial...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - January 2020 #2

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Department of Homeland Security Warns of Cyber-Attacks by Iran - The Department of Homeland Security (DHS) issued a grave warning to U.S. businesses and critical infrastructure operators on January 6, 2020, alerting the...more

Robinson+Cole Data Privacy + Security Insider

New York DFS Issues Risk Alert Concerning Possible Iran Cyber-Attacks

In view of Iran’s vows to retaliate against the United States for the death of Quassem Soleimani, the NYDFS has issued an industry letter  to all regulated entities regarding the need for heightened cybersecurity precautions....more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - September 2018

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We reported last week that a spyware maker recently compromised users’ and victims’ sensitive information. Since that time, another spyware maker, mSpy, which holds itself out as having over a million users employing its...more

Moore & Van Allen PLLC

Cybersecurity Enforcement and Regulation - 2017 In Review

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Cyber attacks continue to be a pervasive and destructive threat to all institutions and the legal and regulatory landscape currently in place to address those threats continues be reshaped in an effort to address those...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - March 2018 #2

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Cybersecurity Task Force Launched in Arizona - Arizona Governor Doug Ducey launched the Arizona Cybersecurity Team (ACT) by Executive Order on March 1, 2018. The ACT is comprised of 22 members representing officials from...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - March 2018

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According to bloggers on techtarget.com, security risks around the internet of things (IoT) continue to be problematic, and a new free guide, “The Developer’s Guide to IoT” has been published specifically for IoT device...more

Patterson Belknap Webb & Tyler LLP

Equifax Must Turn Over NY Breach Data This Week

New York State regulators won’t be letting Equifax, Inc. off-the-hook any time soon for last year’s massive data breach that affected more than 145 million Americans....more

Hogan Lovells

The evolving cyber insurance market: How IT companies, financial institutions, and other nontraditional players can offer cyber...

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In this hoganlovells.com interview, Hogan Lovells counsel Robert Fettman discusses the evolution of cyber insurance, the level of regulatory oversight applied to covered entities, and ways that noninsurance companies can...more

Carlton Fields

New York DFS Tightens Cybersecurity Gaps

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Equifax takes no deposits and makes no loans, but New York now says that it, as well as all other consumer reporting agencies, must protect consumer data to the same degree as banks and other financial institutions. On...more

Patterson Belknap Webb & Tyler LLP

Equifax Data Suppliers Urged by DFS to Give Hack “Highest Degree of Attention”

Yesterday, New York’s top financial regulator asked state-chartered banks and insurers to take immediate precautions to protect consumers and the financial markets “in light of the cybersecurity attack” at Equifax Inc....more

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