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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. This notice requirement explicitly applies to cybersecurity incidents occurring to the covered entity itself, its affiliates, or a third-party service provider.

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GUEST ESSAY: Why internal IT teams are ill-equipped to adequately address cyber risks

The Last Watchdog

Related: The case for augmented reality training Because of this, cybersecurity investments and regulatory oversight are increasing at an astounding rate , especially for those in the financial services industry, bringing an overwhelming feeling to chief compliance officers without dedicated security teams. The list goes on.

Risk 234
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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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Navigating the landscape of digital accessibility

OpenText Information Management

How individuals engage with businesses, their evolving expectations, their demand for quicker responses, and recent global events, such as the COVID-19 pandemic, have compelled organizations to re-evaluate how they serve their customers.

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Vermont Enacts Insurance Data Security Law

Hunton Privacy

Unlike other state laws based on MDL-668, however, the Vermont Insurance Data Security Law declines to establish separate cybersecurity event notification requirements for licensees. Cybersecurity Event Investigation and Notification Requirements. Licensees must maintain records about these cybersecurity events for at least five years.

Insurance 107
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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. The regulation requires that a licensee report a cybersecurity event to NYDFS within 72 hours of its determination of the event. NYDFS Cybersecurity Regulation.

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Scary Fraud Ensues When ID Theft & Usury Collide

Krebs on Security

The reader who shared this story (and copious documentation to go with it) asked to have his real name omitted to avoid encouraging further attacks against his identity. ” According to the Native American Financial Services Association (NAFSA), a trade group in Washington, D.C. So we’ll just call him “Jim.”