Why Compliance Is No Longer King for Financial Services Cybersecurity

Dark Reading

Financial services companies' experience in risk management serves them well when it comes to minimizing their cyber-risk

Data Privacy Laws in Financial Services: NYDFS 500

Perficient Data & Analytics

In my post today I want to discuss data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. The New York State Department of Financial Services (NYDFS) 23 NYCRR 500 is a set of regulations that place cybersecurity requirements on all covered financial institutions. Service providers. There are few exemptions to the NYDFS cybersecurity regulation.


Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Summary – “Industry in One: Financial Services”

ARMA International

The scope of a records and information management (RIM) program in financial services can seem overwhelming. Compared to other industries, the complexities of managing records and information in financial services are arguably some of the toughest to solve, primarily because of the intense regulatory scrutiny. History of Financial System. financial system continues to evolve in response to changing regulations. Financial Services Industry Overview.

New York Department of Financial Services Released New Guidance Addressing COVID-19 Related Cybersecurity Risks

HL Chronicle of Data Protection

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. The guidance highlights the heightened cybersecurity risks from the current crisis and NYDFS’ expectations that its regulated entities address those risks as large portions of their workforce have shifted to remote working arrangements.

NYDFS 500 and GDPR in Financial Services – Actions to Take Now

Perficient Data & Analytics

The first step any financial institution must take in its response to the laws is to evaluate its exposure and current capabilities in protecting sensitive business and customer data. Firms should identify the gaps in their cybersecurity program, including areas that need immediate action and longer-term changes to support the program. Implement: Technical services are required to create/ update cybersecurity policies and procedures.

Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation

Data Matters

On July 21, 2020, the New York State Department of Financial Services (NYDFS or the Department) issued a statement of charges and notice of hearing (the Statement) against First American Title Insurance Company (First American) for violations of the Department’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R. Part 500 (Cybersecurity Regulation or Regulation). The NYDFS Cybersecurity Regulation.

Embracing new ways of working in financial services


Embracing new ways of working in financial services. In times of crisis, the preservation of key functions and services is critical, regardless of industry. Financial services is no exception, as payments, lending, and trade are the lifeblood of the global economy, even in challenging times. As a result, banks face the challenge of addressing impacted functions such as customer service calls, loan servicing, and even account opening.

Survey Finds Financial Services Fail to See Tech as a Disruptor


A survey by Vuealta found that fiancial services leaders are far more concerned about compliance and cybersecurity than the financial services startups they are in competition with. Financial Services News financial services fintech fintech startupsThis may be a mistake. Read more here.

NY Department of Financial Services Issues Guidance to Regulated Entities Regarding Cybersecurity During the COVID-19 Pandemic

Hunton Privacy

On April 13, 2020, the New York Department of Financial Services (“NYDFS”) issued guidance (“April guidance”) to all New York State entities covered under NYDFS’s cybersecurity regulation regarding assessing and addressing heightened cybersecurity risks due to the COVID-19 pandemic.

NY Department of Financial Services Issues Reminder for Cybersecurity Filing Deadline

Hunton Privacy

On January 22, 2018, the New York Department of Financial Services (“NYDFS”) issued a press release reminding entities covered by its cybersecurity regulation that the first certification of compliance with the regulation is due on or prior to February 15, 2018. DFS’s goal is to prevent cybersecurity attacks, and we therefore will now include cybersecurity in all DFS examinations to ensure that proper cybersecurity governance is being practiced by our regulated entities.

NY Charges First American Financial for Massive Data Leak

Krebs on Security

In May 2019, KrebsOnSecurity broke the news that the website of mortgage title insurance giant First American Financial Corp. First American Financial Corp. Data Breaches The Coming Storm First American Financial Corp. New York State Department of Financial Services Reuters

New York State Expected to Increase Enforcement of Cybersecurity Practices

HL Chronicle of Data Protection

Companies should take note of two imminent developments in New York in the area of cybersecurity regulation: enforcement of the New York Department of Financial Services (NYDFS) Cybersecurity Regulation (Regulation) and the effective date of the Stop Hacks and Improve Electronic Data Security Act (SHIELD Act or Act). The Regulation and the Act both contain prescriptive cybersecurity requirements and new breach notification obligations for regulated organizations.

NY Investigates Exposure of 885 Million Mortgage Documents

Krebs on Security

New York regulators are investigating a weakness that exposed 885 million mortgage records at First American Financial Corp. NYSE:FAF] as the first test of the state’s strict new cybersecurity regulation. That measure, which went into effect in March 2019 and is considered among the toughest in the nation, requires financial companies to regularly audit and report on how they protect sensitive data, and provides for fines in cases where violations were reckless or willful.

UniCredit Suffers Third Breach Despite Investing Billions in Cybersecurity


Breach cybersecurity investment data breach financial services GDPR italy unicreditUniCredit was also hit with hacking incidents in September-October 2016 and June-July 2017.

NYDFS 500: Why the Regulation?

Perficient Data & Analytics

Previously, I discussed data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. All covered entities must adopt a cybersecurity program that meets the following minimum requirements based on the covered entity’s risk assessment. Cybersecurity Program: Maintain a cybersecurity program designed to protect the confidentiality, integrity, and availability of the information systems.

How Multi-factor Authentication Can Benefit Your Industry

Rocket Software

Financial services organizations typically experience the most data breaches and hacks, which makes security a priority. Benefits for Financial Services. Depending on what industry you’re in, your approach to security may be very different.

Banking and Finance: Cybersecurity Challenges

Data Breach Today

Imperva's Terry Ray on Application Security Imperatives in the Cloud Age Banks and other financial services sector organizations need to pay more attention to their security infrastructure and defenses and apply application security safeguards to monitor all of their data - as well as individual files, says Terry Ray, CTO of Imperva

Twitter Hack Analysis Drives Calls for Greater Security Regulation

Dark Reading

New York's Department of Financial Services calls for more cybersecurity regulation at social media firms following the "jarringly easy" Twitter breach

February 15 deadline looms for first DFS Cybersecurity Certification

Data Protection Report

February 15, 2018, is quickly approaching and any entity subject to New York’s cybersecurity regulation (23 NYCRR Part 500) must file its first annual certification of compliance with the New York State Department of Financial Services (DFS) by that date. Regulatory response cybersecurity certification cybersecurity regulation Department of Financial Services DFS New York

Cybersecurity Standards for the Insurance Sector – A New Patchwork Quilt in the US?

HL Chronicle of Data Protection

In the past two years, multiple state bills that have been introduced in the US to provide for cybersecurity requirements and standards to the insurance sector, with recent legislative activity taking place in particular within the States of Ohio, South Carolina, and Michigan. The entering into effect of multiple state laws in this area may present challenges for insurance providers operating in states where such cybersecurity requirements are provided for.

NYDFS Files First Cybersecurity Enforcement Action

Hunton Privacy

On Wednesday, July 22, the New York Department of Financial Services (the “NYDFS”) announced that it had filed administrative charges against First American Title Insurance Co. under the NYDFS Cybersecurity Regulation , marking the agency’s first enforcement action since the rules went into effect in March 2017. follow the recommendations of First American’s internal cybersecurity team to conduct further investigation into the vulnerability.

First American Title Insurance Co. Faces Charges in NY

Data Breach Today

Company Could Be Fined $1,000 for Each Violation of State Cybersecurity Law The New York State Department of Financial Services has filed civil charges against First American Title Insurance Co.,

Payments and Fintech: Addressing Key EU, UK and U.S. Cybersecurity Issues

Data Matters

In recent years, there has been a massive increase in the volume of data maintained and processed by payment service providers. Regulators and policymakers on both sides of the Atlantic are imposing increasingly prescriptive cybersecurity regulatory frameworks and closer scrutiny upon companies, while new and escalating cybersecurity threats challenge standard safeguards. Partner, Privacy and Cybersecurity Practice, Washington, D.C.

Cybersecurity and the False Claims Act: A New Frontier for Contractor Liability? (Podcast Series)

HL Chronicle of Data Protection

Please tune in for an in-depth podcast discussion of cybersecurity and the False Claims Act, featuring Mike Vernick and Mike Scheimer. February 26 : FCA Enforcement in the Financial Services Sector. Cybersecurity & Data Breaches cybersecurity False Claims Act podcastMike Vernick. Michael Scheimer. March 4 : Looking ahead. In case you missed our previous episodes: January 29 : The FCA at the Supreme Court. February 5 : AseraCare Decision.

Third-Party Risk Management: NY DFS Regulation Compliance

Data Breach Today

Ted Augustinos of Locke Lord LLP Addresses the Challenges Defining the scope of third-party risk is challenging, says Ted Augustinos of Locke Lord LLP, who discusses compliance with the New York Department of Financial Services' cybersecurity regulation

Improve your data relationships with third parties


Regulators are focusing on the data relationships financial services organizations have with third parties, including how well personal information is being managed. They are creating a layer of rules about third party risk, operational resilience, and cybersecurity that go above and beyond new data privacy laws such as the EU’s GDPR and California’s CCPA in their impact. 3) Regulators are worried about cybersecurity and the robustness of technology systems in general.

New York Enacts Stricter Data Cybersecurity Laws

Data Matters

Together, the new laws require the implementation of reasonable data security safeguards, expand breach reporting obligations for certain types of information, and require that a “consumer credit reporting agency” that suffers a data breach provide five years of identity theft prevention services for impacted residents. The Identity Theft Prevention and Mitigation Services Act. More State Privacy and Cybersecurity Legal Developments on the Horizon.

How Microsoft Word “Protected View” Stops Information Leaks

Perficient Data & Analytics

Make sure you use two-factor authentication for all services that offer them. Never re-use passwords across services. Keep your knowledge up-to-date by paying attention to cybersecurity awareness programs. Microsoft Word has long offered support for loading images and templates over the network. This is a great feature within corporate environments because it facilitates the reuse of assets like logos and corporate document templates.

NYDFS Cybersecurity Regulations: A glimpse into the future

Thales eSecurity

The cybersecurity regulation ( 23 NYCRR 500 ) adopted by the New York State Department of Financial Services (NYDFS) is nearly two years old. Even though these regulations only apply to New York, financial institutions across the U.S. In September financial services companies faced the largest set of regulations in the process thus far.

Retail Banks’ Lofty Goals and Where to Start


Retail banks in the United States face a whole host of challenges including customer confidence, regulatory compliance, attracting new customers, cybersecurity, utilizing big data and mastering social media, to name a few. According to an article by The Financial Brand , retail banks’ top priorities include: using big data, AI and advanced analytics. Financial Services artificial intelligence banking banks Retail banks

Privacy and Cybersecurity Top 10 for 2018

Data Matters

This past year was marked by ever more significant data breaches, growing cybersecurity regulatory requirements at the state and federal levels and continued challenges in harmonizing international privacy and cybersecurity regulations. As we begin this New Year, here is list of the top 10 privacy and cybersecurity issues for 2018: EU GDPR. A Pivot Toward Asia for Privacy and Cybersecurity Laws. SEC on Cybersecurity and Rise of Shareholder Breach Litigation.

Peter Marta, Former Global Head of Cybersecurity Law at JPMorgan joins Hogan Lovells Privacy and Cybersecurity Practice

HL Chronicle of Data Protection

Hogan Lovells announced today that Peter Marta , the former global head of Cybersecurity and Global Security and Investigations Legal for JPMorgan Chase and Co., has joined our Privacy and Cybersecurity practice as a partner. Pete is an established leader in the banking and financial services sectors. News & Events Hogan Lovells partner Privacy and Cybersecurity

The Escalating Problem of Protecting Connected Devices

Data Breach Today

Plus, updates on the indictments of Chinese agents for hacking and the unveiling of the Financial Services Sector Cybersecurity Profile The latest edition of the ISMG Security Report features Kevin McDonald of the Mayo Clinic discussing how to secure connected medical devices.

New Obligations Under the NYDFS Cybersecurity Regulation Came Online in September

HL Chronicle of Data Protection

The New York State Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) came into effect March 1, 2017 (see our previous publications: “ New York Department of Financial Services Cybersecurity rules revised and delayed ,” “ The ‘Final Final’ Is Here: NYDFS Cybersecurity Regulations ,” and “ A guide to NYDFS Cybersecurity Regulation’s March 1 implementation deadline ”). Cybersecurity & Data Breaches

NYDFS Cybersecurity Regulation to Apply to Consumer Reporting Agencies

Hunton Privacy

On June 25, 2018, the New York Department of Financial Services (“NYDFS”) issued a final regulation (the “Regulation”) requiring consumer reporting agencies with “significant operations” in New York to (1) register with NYDFS for the first time and (2) comply with the NYDFS’s cybersecurity regulation. The deadline for consumer reporting agencies to come into compliance with the cybersecurity regulation is November 1, 2018.

Financial Stability Board to Develop International Cybersecurity Lexicon

Hunton Privacy

On March 20, 2018, the Financial Stability Board (“FSB”) delivered a note to finance ministers and central bank governors from the world’s top 20 economic powers, known as the G-20. The FSB is developing the cyber lexicon to address cybersecurity and cyber resilience in the financial sector and hopes that it will boost cross-border cooperation on cybersecurity. Cybersecurity Financial Privacy

(Discussion Recap) A Perfect Storm? Panel Discussion on Handling a Cybersecurity Incident

HL Chronicle of Data Protection

On Tuesday, 3 March 2020, we welcomed our financial services clients in London to a lively panel event, which covered the multitude of issues which arise in a cybersecurity incident. Over the past decade, cybersecurity has emerged as one of the most serious and challenging threats to businesses, with CEOs around the world naming it as the main worry that keeps them up at night. Peter Marta. Arwen Handley. Philip Parish. Nicola Fulford.

US: Coronavirus – Cybersecurity considerations for your newly remote workforce

DLA Piper Privacy Matters

Working remotely, or “teleworking,” presents unique cybersecurity challenges to the employer, the employee and the supply chain, especially when being done for the first time in a rapidly changing environment. We include some of the cybersecurity practices that are included in industry standards and legal frameworks, and that have been reaffirmed through our collective experience in cyber incident response. COVID-19 resource pages may also include cybersecurity information.

Transition period under New York Cybersecurity Regulation ends March 1, 2019

Data Protection Report

The two-year transitional period under the New York State Department of Financial Services (“DFS””) Cybersecurity Regulation , 23 NYCRR 500 (the “Regulation”), will expire on March 1, 2019, with the final remaining requirement becoming effective. Third-party service provider risk management program. February 15 deadline looms for first DFS Cybersecurity Certification. Compliance date for next set of DFS cybersecurity regulations is September 4, 2018.

An Approach to Cybersecurity Risk Oversight for Corporate Directors

Data Matters

Recent guidance from the Securities and Exchange Commission (SEC) on disclosure and enforcement actions by the Federal Trade Commission (FTC) make clear that cybersecurity is no longer a niche topic, but a concern significant enough to warrant the oversight of corporate boards of directors. The most prepared cybersecurity programs of today will not attempt to implement a static, “out-of-the-box” solution to cyber risk. Adopting the NIST Cybersecurity Framework.