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NYDFS releases major update to Part 500 cybersecurity requirements for financial services companies

Data Protection Report

On November 1, 2023, the New York Department of Financial Services (“NYDFS”) released the finalized amendments of Part 500 of its cybersecurity regulations. This notice requirement explicitly applies to cybersecurity incidents occurring to the covered entity itself, its affiliates, or a third-party service provider.

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Accelerate hybrid cloud transformation through IBM Cloud for Financial Service Validation Program

IBM Big Data Hub

The cloud represents a strategic tool to enable digital transformation for financial institutions As the banking and other regulated industry continues to shift toward a digital-first approach, financial entities are eager to use the benefits of digital disruption. Most of these new technologies are born-in-cloud.

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NYDFS Proposes Updated Second Amendment to Its Cybersecurity Regulation

Hunton Privacy

On June 28, 2023, the New York Department of Financial Services (“NYDFS”) published an updated proposed Second Amendment (“Amendment”) to its Cybersecurity Regulation, 23 NYCRR Part 500. As described below, senior governing bodies would have new oversight responsibilities under the amendments.

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Cybersecurity agencies published a joint LockBit ransomware advisory

Security Affairs

According to a joint advisory published by cybersecurity agencies, the LockBit ransomware group has successfully extorted roughly $91 million in about 1,700 attacks against U.S. 16% of the State, Local, Tribal, and Tribunal (SLTT) government ransomware incidents reported to the MS-ISAC is 2022 were LockBit attacks. law enforcement).

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What can AI and generative AI do for governments?

IBM Big Data Hub

When implemented in a responsible way—where the technology is fully governed, privacy is protected and decision making is transparent and explainable—AI has the power to usher in a new era of government services. AI’s value is not limited to advances in industry and consumer products alone.

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Resecurity Released a 2024 Cyber Threat Landscape Forecast

Security Affairs

Cybersecurity company Resecurity has published the 2024 Cyber Threat Landscape Forecast. Resecurity, a Los Angeles-based cybersecurity company protecting Fortune 100 and government agencies worldwide, has compiled a comprehensive forecast outlining the imminent threats and novel security challenges anticipated in the upcoming year.

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Was RI Advice a watershed for cybersecurity law in Australia or a damp squib?

Data Protection Report

Boards and organisations should assess their cybersecurity risk management activities in light of the decision and ask whether current approaches are adequately resourced and operating effectively? Despite these requirements, RI Advice’s ARs suffered nine cybersecurity incidents in the period from 2014 to 2021. Introduction.