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. Service providers. There are few exemptions to the NYDFS cybersecurity regulation.

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.

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Summary – “Industry in One: Financial Services”

ARMA International

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.

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. Implement: Technical services are required to create/ update cybersecurity policies and procedures.

DNS Cyber Attacks Costing Financial Services Companies $924,390

InfoGoTo

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.

Embracing new ways of working in financial services

CGI

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.

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.

New York State Expected to Increase Enforcement of Cybersecurity Practices

HL Chronicle of Data Protection

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.

UniCredit Suffers Third Breach Despite Investing Billions in Cybersecurity

Threatpost

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

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. ” A Little Sunshine Data Breaches First American Financial Corp.

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.

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.

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 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 podcast

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.

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

Collibra

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.

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.

Retail Banks’ Lofty Goals and Where to Start

InfoGoTo

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

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.

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.

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.

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. COVID-19 resource pages may also include cybersecurity information.

(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. Peter Marta. Arwen Handley. Philip Parish. Nicola Fulford.

New Obligations Under the NYDFS Cybersecurity Regulation Came Online in September

HL Chronicle of Data Protection

The final implementation date for NYDFS Cybersecurity Regulation is March 1, 2019. Cybersecurity & Data Breaches

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.

Cybersecurity: Managing Risks With Third Party Companies

Cyber Info Veritas

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.

Risk 52

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.

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.

Managing Cyber Risks: A New Tool for Banks

Data Breach Today

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.

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.

New Obligations Under the NYDFS Cybersecurity Regulation Came Online in September

HL Chronicle of Data Protection

The final implementation date for NYDFS Cybersecurity Regulation is March 1, 2019. Cybersecurity & Data Breaches

New Obligations Under the NYDFS Cybersecurity Regulation Came Online in September

HL Chronicle of Data Protection

The final implementation date for NYDFS Cybersecurity Regulation is March 1, 2019. Cybersecurity & Data Breaches

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

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.

Privacy and Cybersecurity March 2019 Events

HL Chronicle of Data Protection

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.

Blockchain, Cybersecurity and Global Finance

Hunton Privacy

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).

Filing Deadline for New Infosec Law Hits NY Finance Firms Thursday

Dark Reading

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

New York Publishes FAQs and Key Dates for Cybersecurity Regulation

Hunton Privacy

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.