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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. CISO and senior governing body requirements; 500.15: Encryption requirements; 500.16: Incident response plan requirements; and, 500.19(a):

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LockFile Ransomware uses a new intermittent encryption technique

Security Affairs

Recently emerged LockFile ransomware family LockFile leverages a novel technique called intermittent encryption to speed up encryption. Sophos researchers discovered that the group is now leveraging a new technique called “intermittent encryption” to speed up the encryption process.

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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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Choosing to Store, Scan, or Shred Your Documents: A Comprehensive Guide

Armstrong Archives

This reality has made data security increasingly important, requiring a sea change in the way companies handle their documents. We have decades of experience in the safe storage, scanning, and shredding of our clients’ important documents. What paperwork do I need to keep: How do you know which documents to keep or shred?

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GUEST ESSAY: 7 tips for protecting investor data when it comes to alternative asset trading

The Last Watchdog

This includes scanning all materials, such as investor onboarding documents and communication. Implement strong data encryption. Data encryption is fundamental for protecting sensitive information in alternative asset trading. Industry-standard algorithms for encryption can ensure all data, in transit and at rest, is safe.

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$8 million penalty to NYDFS – and another case of over-retention

Data Protection Report

On January 3, 2024, the New York Department of Financial Services announced a consent order with GGT, where GGT agreed to pay NYDFS $8 million and to surrender its BitLicense (for cryptocurrency trading), due to alleged violations of NYDFS’ cybersecurity and its virtual currency regulations.

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The Clock is Ticking for PCI DSS 4.0 Compliance

Thales Cloud Protection & Licensing

According to the 2022 Thales Data Threat Report – Financial Services Edition , 52% of U.S. financial services organizations report that they have experienced a data breach in the past. The new version includes many updates, which you can read in the Summary of Changes document. million, second only to healthcare.