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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. The new rules provide more details on how the senior governing body of the covered entity is expected to exercise oversight of its cybersecurity risk management.

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Banking on mainframe-led digital transformation for financial services

IBM Big Data Hub

Financial services companies are considered institutions because they manage and move the core aspects of our global economic system. And the beating heart of financial institutions is the IBM mainframe. Couldn’t execs have run better analyses to spot risks within the data?

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NYDFS Amends Cybersecurity Rules for Financial Services Companies

Hunton Privacy

On November 9, 2022, the New York Department of Financial Services (NYDFS) released its second, proposed amendments to the Part 500 Cybersecurity Rule. The proposed amendments revise several aspects of the draft Cybersecurity Rule amendments released on July 29, 2022. Cybersecurity Plan.

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New York Department of Financial Services Issues Guidance Regarding Life Insurers’ Use of External Consumer Data in Underwriting

Data Matters

On January 18, 2019, the New York State Department of Financial Services (NYDFS) issued Circular Letter 2019-1 (the Circular Letter), addressing insurers’ use of external consumer data and information sources in underwriting for life insurance. Unlawful Discrimination.

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Deploying applications built in external CI through IBM Cloud DevSecOps

IBM Big Data Hub

These attacks are even more detrimental in critical systems, which include IT infrastructure and financial services organizations. IBM Cloud for Financial Services This is where IBM Cloud for Financial Services shines—it helps clients to fill that gap by supporting innovation while guaranteeing security and compliance.

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U.S. and Foreign Cybersecurity and Intelligence Agencies Recommend Measures to Counteract Threat of Russian Cyberattacks

Data Matters

Within a few days, data security experts at Microsoft , Palo Alto Networks (“PANW”), and Mandiant confirmed reports of increasing Russian cyberactivity and offered their own recommendations for hardening measures (many of which overlap with the Advisory). The post U.S.

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The Impact of Data Protection Laws on Your Records Retention Schedule

ARMA International

It is essential that your organization’s records retention schedule is compliant with the data protection requirements in the jurisdictions where your organization operates. Introduction to Data Protection Laws. Personal data protection requirements may be issued by federal, state (provincial), or local governments.