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The Regulation and the Act both contain prescriptive cybersecurity requirements and new breach notification obligations for regulated organizations. In May 2019, NYDFS announced the creation of a Cybersecurity Division to enforce the Regulation. MORE
The final implementation date for NYDFS Cybersecurity Regulation is March 1, 2019. Cybersecurity & Data Breaches MORE
Breach cybersecurity investment data breach financial services GDPR italy unicreditUniCredit was also hit with hacking incidents in September-October 2016 and June-July 2017. MORE
Earlier this month, the New York State Department of Financial Services (“NYDFS”) recently published FAQs and key dates for its cybersecurity regulation (the “NYDFS Regulation”) for financial institutions that became effective on March 1, 2017. whether an entity can be both a covered entity and a third-party service provider under the NYDFS Regulation. Covered entities are required to develop a third-party service provider compliance program. MORE
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 podcast MORE
The final implementation date for NYDFS Cybersecurity Regulation is March 1, 2019. Cybersecurity & Data Breaches MORE
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 MORE
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. MORE
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. Implement: Technical services are required to create/ update cybersecurity policies and procedures. MORE
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. MORE
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. MORE
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. MORE
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 MORE
The final implementation date for NYDFS Cybersecurity Regulation is March 1, 2019. Cybersecurity & Data Breaches MORE
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. Peter Marta. Arwen Handley. Philip Parish. Nicola Fulford. MORE
In my post today I want to discuss data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. Service providers. There are few exemptions to the NYDFS cybersecurity regulation. MORE
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. MORE
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. COVID-19 resource pages may also include cybersecurity information. MORE
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. MORE
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. MORE
According to a report entitled The 2018 Global DNS Threat Report by EfficientIP, the financial services industry is the worst affected sector by domain name systems (DNS) attacks which are cyber attacks where attackers take advantage of network vulnerabilities to break into bank systems stealthily. According to the report, last year, a single financial sector attack cost each organization $588,200 to recover. MORE
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. MORE
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. MORE
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. MORE
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 MORE
Regulators are focusing on the data relationships financial services organizations have with third parties, including how well personal information is being managed. 3) Regulators are worried about cybersecurity and the robustness of technology systems in general. MORE
Mark Brennan will discuss TCPA issues on the panel, “Financial Services and Litigation Trends,” at the American Financial Services Association (AFSA) Law and Compliance Symposium 2019. Join the Privacy and Cybersecurity team as they host two events on the CCPA, one on March 12 in Los Angeles and another on March 13 in San Francisco. Please join us for our March 2019 events. March 6. Telephone Consumer Protection Act. MORE
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. MORE
In an interview, architects of the Financial Services Sector Cybersecurity Profile, Denyette DePierro and Josh Magri, describe how to use it. Banks have a new tool available for developing cyber risk management programs. They'll offer more details at ISMG's Legal & Compliance Summit in New York on Nov. MORE
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. MORE
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. MORE
Banks and financial services companies in New York must file by tomorrow to certify they are compliant with the state Department of Financial Services' new cybersecurity regulation, 23 NYCRR 500 MORE
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. MORE
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. MORE
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. MORE
In the near future, blockchain may become the new architecture of a reinvented global financial services infrastructure. The technology – a distributed, consensus-driven ledger that enables and records encrypted digital asset transfers without the need of a confirming third party – is revolutionary to global financial services, whose core functions include the trusted intermediary role ( e.g. , payment processor, broker, dealer, custodian). MORE
This article will focus on some strategies that organizations should consider implementing in order to mitigate their cybersecurity risk as far as third-party service providers are concerned. MORE
The scope of a records and information management (RIM) program in financial services can seem overwhelming. History of Financial System. Shaped by several financial catastrophes of modern history, such as the Great Depression of 1929 and the Great Recession of 2007, the U.S. MORE
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 MORE
Embracing new ways of working in financial services. In times of crisis, the preservation of key functions and services is critical, regardless of industry. Customer service. In a crisis like this, the financial welfare of many customers is seriously threatened. MORE
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. ” A Little Sunshine Data Breaches First American Financial Corp. MORE
Perficient Data & Analytics
JUNE 4, 2019
In my post today I want to discuss data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. Service providers. There are few exemptions to the NYDFS cybersecurity regulation.
HL Chronicle of Data Protection
APRIL 17, 2020
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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
ARMA International
NOVEMBER 7, 2019
The scope of a records and information management (RIM) program in financial services can seem overwhelming. History of Financial System. Shaped by several financial catastrophes of modern history, such as the Great Depression of 1929 and the Great Recession of 2007, the U.S.
Perficient Data & Analytics
JULY 16, 2019
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. Implement: Technical services are required to create/ update cybersecurity policies and procedures.
InfoGoTo
OCTOBER 25, 2018
According to a report entitled The 2018 Global DNS Threat Report by EfficientIP, the financial services industry is the worst affected sector by domain name systems (DNS) attacks which are cyber attacks where attackers take advantage of network vulnerabilities to break into bank systems stealthily. According to the report, last year, a single financial sector attack cost each organization $588,200 to recover.
CGI
APRIL 17, 2020
Embracing new ways of working in financial services. In times of crisis, the preservation of key functions and services is critical, regardless of industry. Customer service. In a crisis like this, the financial welfare of many customers is seriously threatened.
|
Hunton Privacy
APRIL 22, 2020
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.
Hunton Privacy
JANUARY 24, 2018
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.
HL Chronicle of Data Protection
FEBRUARY 25, 2020
The Regulation and the Act both contain prescriptive cybersecurity requirements and new breach notification obligations for regulated organizations. In May 2019, NYDFS announced the creation of a Cybersecurity Division to enforce the Regulation.
Threatpost
OCTOBER 28, 2019
Breach cybersecurity investment data breach financial services GDPR italy unicreditUniCredit was also hit with hacking incidents in September-October 2016 and June-July 2017.
Krebs on Security
MAY 31, 2019
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. ” A Little Sunshine Data Breaches First American Financial Corp.
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Perficient Data & Analytics
JUNE 18, 2019
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.
Data Breach Today
MAY 1, 2018
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.
Data Protection Report
FEBRUARY 8, 2018
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
HL Chronicle of Data Protection
FEBRUARY 24, 2020
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 podcast
HL Chronicle of Data Protection
MAY 13, 2019
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.
Data Breach Today
SEPTEMBER 4, 2019
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
Collibra
FEBRUARY 11, 2020
Regulators are focusing on the data relationships financial services organizations have with third parties, including how well personal information is being managed. 3) Regulators are worried about cybersecurity and the robustness of technology systems in general.
Perficient Data & Analytics
MAY 22, 2018
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.
InfoGoTo
JULY 22, 2019
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
HL Chronicle of Data Protection
JULY 15, 2019
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.
Data Matters
AUGUST 5, 2019
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.
Thales eSecurity
NOVEMBER 27, 2018
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.
DLA Piper Privacy Matters
APRIL 2, 2020
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. COVID-19 resource pages may also include cybersecurity information.
HL Chronicle of Data Protection
MARCH 16, 2020
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. Peter Marta. Arwen Handley. Philip Parish. Nicola Fulford.
HL Chronicle of Data Protection
OCTOBER 4, 2018
The final implementation date for NYDFS Cybersecurity Regulation is March 1, 2019. Cybersecurity & Data Breaches
Data Matters
JANUARY 2, 2018
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.
Cyber Info Veritas
JULY 19, 2018
This article will focus on some strategies that organizations should consider implementing in order to mitigate their cybersecurity risk as far as third-party service providers are concerned.
Data Breach Today
NOVEMBER 2, 2018
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.
Hunton Privacy
JUNE 29, 2018
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.
Data Breach Today
OCTOBER 31, 2018
In an interview, architects of the Financial Services Sector Cybersecurity Profile, Denyette DePierro and Josh Magri, describe how to use it. Banks have a new tool available for developing cyber risk management programs. They'll offer more details at ISMG's Legal & Compliance Summit in New York on Nov.
Data Protection Report
JANUARY 7, 2019
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.
HL Chronicle of Data Protection
OCTOBER 4, 2018
The final implementation date for NYDFS Cybersecurity Regulation is March 1, 2019. Cybersecurity & Data Breaches
HL Chronicle of Data Protection
OCTOBER 4, 2018
The final implementation date for NYDFS Cybersecurity Regulation is March 1, 2019. Cybersecurity & Data Breaches
Hunton Privacy
MARCH 23, 2018
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
Data Matters
APRIL 23, 2018
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.
HL Chronicle of Data Protection
FEBRUARY 28, 2019
Mark Brennan will discuss TCPA issues on the panel, “Financial Services and Litigation Trends,” at the American Financial Services Association (AFSA) Law and Compliance Symposium 2019. Join the Privacy and Cybersecurity team as they host two events on the CCPA, one on March 12 in Los Angeles and another on March 13 in San Francisco. Please join us for our March 2019 events. March 6. Telephone Consumer Protection Act.
Hunton Privacy
SEPTEMBER 30, 2015
In the near future, blockchain may become the new architecture of a reinvented global financial services infrastructure. The technology – a distributed, consensus-driven ledger that enables and records encrypted digital asset transfers without the need of a confirming third party – is revolutionary to global financial services, whose core functions include the trusted intermediary role ( e.g. , payment processor, broker, dealer, custodian).
Dark Reading
FEBRUARY 14, 2018
Banks and financial services companies in New York must file by tomorrow to certify they are compliant with the state Department of Financial Services' new cybersecurity regulation, 23 NYCRR 500
Hunton Privacy
APRIL 27, 2017
Earlier this month, the New York State Department of Financial Services (“NYDFS”) recently published FAQs and key dates for its cybersecurity regulation (the “NYDFS Regulation”) for financial institutions that became effective on March 1, 2017. whether an entity can be both a covered entity and a third-party service provider under the NYDFS Regulation. Covered entities are required to develop a third-party service provider compliance program.
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