Tag Archives: NYDFS

New York DFS Updates FAQs to Clarify Applicability of Cybersecurity Regulation

With the first compliance deadline now less than two months away, the New York Department of Financial Services (NYDFS) has provided additional clarity concerning its new Cybersecurity Requirements for Financial Services Companies (the “Cybersecurity Regulation”) by publishing an update to previously issued Frequently Asked Questions. We reported on the forthcoming Cybersecurity Regulation in January and … Continue Reading

Finalized New York Department of Financial Services Cybersecurity Regulation to Take Effect March 1

On February 16, 2017, the New York Department of Financial Services (NYDFS) announced the release of its finalized Cybersecurity Requirements for Financial Services Companies (“Cybersecurity Regulation”), which will take effect on March 1, 2017. This final iteration, issued following an additional 30-day comment period, is in large part the same as the revised version dated … Continue Reading

New York Department of Financial Services Issues Revised Cybersecurity Regulations

With the clock ticking down to the new year, on December 28, 2016, the New York State Department of Financial Services (NYDFS) released highly anticipated revisions to its proposed Cybersecurity Requirements for Financial Services Companies (the “Proposal”). As we previously reported, the NYDFS first announced the proposed regulations in September; at that time, they were … Continue Reading

New York Department of Financial Services Proposes First Rule of Its Kind for Financial Institutions

In November, we reported on a proposal by the New York Department of Financial Services (NYDFS) for an extensive cybersecurity framework for its regulated financial institutions. Recently, Governor Cuomo announced a proposed rule requiring banks, insurance companies and other financial services institutions regulated by the NYDFS to establish and maintain a strong cybersecurity program. These … Continue Reading

Deeper Dive: Plan for Regulatory Scrutiny in Financial Services Data Security Incidents

Financial services industry companies were involved in 18% of the over 300 data security incidents we helped manage in 2015, and reported in our 2016 BakerHostetler Data Security Incident Response Report (the “Report”). After healthcare, the financial services industry was the second most affected industry according to the data we reported. It is not surprising … Continue Reading

Data Security in the Financial Industry: Five Key Developments to Keep An Eye on in 2016

According to a 2015 report on threats to the financial services sector, 41% of financial services organizations polled had experienced a data breach or failed a compliance audit in the previous year, and 57% listed preventing a data breach as their top IT priority.  Reflecting the ever-increasing awareness of threats to financial data security, 2015 … Continue Reading

New York Department of Financial Services Sets Forth Extensive Cybersecurity Regulatory Framework Proposal

On November 9, 2015, the New York State Department of Financial Services (NYDFS) issued a letter to the members of the Financial and Banking Information Infrastructure Committee (FBIIC) detailing a new cybersecurity framework proposal for “covered entities,” or financial institutions regulated by NYDFS. The framework builds on data from NYDFS reports surveying cybersecurity programs from … Continue Reading
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