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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. Some requirements also apply specifically to larger covered entities falling under the “Class A companies” category.

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Security Compliance & Data Privacy Regulations

eSecurity Planet

Regulatory compliance and data privacy issues have long been an IT security nightmare. And since the EU’s General Data Protection Regulation (GDPR) took effect May 25, 2018, IT compliance issues have been at the forefront of corporate concerns. GDPR-style data privacy laws came to the U.S. Healthcare Data Privacy Laws.

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New York Enacts Stricter Data Cybersecurity Laws

Data Matters

On July 25, 2019, Governor Cuomo signed the two bills into law, one which amended the state’s data breach notification law, and another that created additional obligations for data breaches at credit reporting agencies. The Stop Hacks and Improve Electronic Data Security Act.

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NEW TECH: This free tool can help gauge, manage third-party cyber risk; it’s called ‘VRMMM’

The Last Watchdog

Late last year, Atrium Health disclosed it lost sensitive data for some 2.65 The culprit: lax practices of a third-party data and analytics contractor. Related: Atrium Health breach highlights third-party risks. There is impetus for change – beyond the fear of sustaining a major data breach. Uphill battle.

Risk 147
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The Privacy Officers’ New Year’s Resolutions

Data Protection Report

2020 could well be a year of data export turmoil – so brace yourself! Although the AG’s view was that the SCCs are valid, he suggested that those using them would need to examine the national security laws of the data importer’s jurisdiction to determine whether they can in fact comply with the terms of the SCCs.

Privacy 85
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Cybersecurity: Managing Risks With Third Party Companies

Cyber Info Veritas

Did you know that 63% of all data breaches are directly or indirectly linked to third party companies? Benjamin Lawsky, “ A company’s cybersecurity is only as strong as the cybersecurity of its third-party vendors ”. Let us get started with how third-party data breach occurs. What data do they use?

Risk 40
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The Privacy Officers’ New Year’s Resolutions

Data Protection Report

2020 could well be a year of data export turmoil – so brace yourself! Although the AG’s view was that the SCCs are valid, he suggested that those using them would need to examine the national security laws of the data importer’s jurisdiction to determine whether they can in fact comply with the terms of the SCCs.

Privacy 52