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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.

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FBI obtained 7,000 LockBit decryption keys, victims should contact the feds to get support

Security Affairs

The FBI is informing victims of LockBit ransomware it has obtained over 7,000 LockBit decryption keys that could allow some of them to decrypt their data. “Additionally, from our ongoing disruption of LockBit, we now have over 7,000 decryption keys and can help victims reclaim their data and get back online.”

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Risk Management under the DORA Regulation

IT Governance

The financial sector is quite heavily regulated, and involves a lot of confidential data. You’d therefore expect that the sector fares better at data security than your average organisation. So to account for seasonality, we’ve only looked at Q2–Q4 for all four years (2019–2022). What do the statistics say?

Risk 85
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NYDFS settles cybersecurity regulation matter for $3 million

Data Protection Report

On April 14, 2021, the New York Department of Financial Services (NYDFS) announced a $3 million settlement with insurance company National Securities Corp. According to the consent order, the matter began when NSC reported a cybersecurity event to NYDFS on October 23, 2019. NYDFS Cybersecurity Regulation.

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New York SHIELD Act $600,000 settlement

Data Protection Report

In total, information for approximately 2.1 million individuals was exposed, including approximately 98,632 New Yorkers.The AG began an investigation based on New York’s Executive Law § 63(12) [deception] and General Business Law §§ 349 [deception] and 899-bb. EyeMed neither admitted nor denied the AG’s findings in the settlement.

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US GOV OFFERS A REWARD OF UP TO $15M FOR INFO ON LOCKBIT GANG MEMBERS AND AFFILIATES

Security Affairs

Law enforcement also had access to data stolen from the victims of the ransomware operation, a circumstance that highlights the fact that even when a ransom is paid, the ransomware gang often fails to delete the stolen information. LockBit is a prominent ransomware operation that first emerged in September 2019.

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More details about Operation Cronos that disrupted Lockbit operation

Security Affairs

Law enforcement also had access to data stolen from the victims of the ransomware operation, a circumstance that highlights the fact that even when a ransom is paid, the ransomware gang often fails to delete the stolen information. LockBit is a prominent ransomware operation that first emerged in September 2019.