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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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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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Black Friday and Cyber Weekend: Navigating the Tumultuous Waters of Retail Cybersecurity

Thales Cloud Protection & Licensing

It becomes, therefore, essential for retailers to consider the fresh insights provided by the Thales 2023 Data Threat Report – Financial Services Edition. An astounding 79% of respondents in the financial sector identified it as a significant security threat, with 30% ranking it as their foremost concern.

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An introduction to Wazi as a Service

IBM Big Data Hub

.” This cloud-native development and testing environment for z/OS applications is revolutionizing the modernization process by enabling secure DevSecOps practices. The platform can be automated through a standardized framework validated for Financial Services, leveraging the IBM Cloud Security and Compliance Center service (SCC).

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NYDFS Imposes Fine of $5 Million on Carnival for Cybersecurity Breaches

Hunton Privacy

On June 24, 2022, the New York State Department of Financial Services (“NYDFS” or the “Department”) announced it had entered into a $5 million settlement with Carnival Corp. Since Carnival was licensed by the Department to sell insurance in NY State, it was treated as a covered entity under the Cybersecurity Regulation.

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FTC amendment to Safeguards Rule

Data Protection Report

Under the Federal Trade Commission’s (“FTC”) new amendment to the Safeguards Rule (the “Amended Rule”), non-banking financial institutions will have to report certain data breaches and other security events to the agency. The FTC will publish information from the notification event report on a publicly available database.

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Navigating the digital wave: Understanding DORA and the role of confidential computing

IBM Big Data Hub

The Digital Operational Resilience Act (DORA) marks a significant milestone in the European Union’s (EU) efforts to bolster the operational resilience of the financial sector in the digital age. Furthermore, the RTS Article 6 highlights the necessity for all networked traffic, both internal and external, to be encrypted.