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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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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. Any cybersecurity event that affects a third-party service provider that also affects the covered entity.

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NYDFS Proposes Updated Second Amendment to Its Cybersecurity Regulation

Hunton Privacy

On June 28, 2023, the New York Department of Financial Services (“NYDFS”) published an updated proposed Second Amendment (“Amendment”) to its Cybersecurity Regulation, 23 NYCRR Part 500. As described below, senior governing bodies would have new oversight responsibilities under the amendments.

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New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Data Matters

On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. Lacewell stated that cybersecurity is the biggest risk for government and private organizations and described how the Framework is based on “extensive dialogue with industry and experts.”. The Framework. Evaluate Systemic Risk.

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LockBit on a Roll – ICBC Ransomware Attack Strikes at the Heart of the Global Financial Order

Security Affairs

This ominous cyber-event sent shockwaves through the $26 trillion U.S. According to the report released by Resecurity, a Los Angeles-based company protecting Fortune 500 and governments worldwide, the attack against ICBC may be a precursor for significant malicious cyber activity against global financial system. Treasury market.

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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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Building for operational resilience in the age of AI and hybrid cloud

IBM Big Data Hub

Organizations in the financial services, healthcare and other regulated sectors must place an even greater focus on managing risk—not only to meet compliance requirements, but also to maintain customer confidence and trust.

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