New York Department of Financial Services

The New York Department of Financial Services (DFS), which regulates certain covered entities and licensed persons in the financial services sector doing business in New York, recently provided guidance to its regulated entities that the annually required Certificate of Compliance with the DFS Cybersecurity Regulations must be submitted no later than April 15, 2021.

To

The New York Department of Financial Services (DFS) recently issued guidance to its regulated entities regarding heightened cybersecurity awareness as a result of the COVID-19 pandemic. DFS described three primary areas of heightened risk during this time: remote working, increased instances of phishing and fraud, and third-party risks.

With respect to remote working, DFS noted

For those of you who don’t know, a fun fact is that Robinson+Cole one of the oldest law firms in Connecticut, and among our claims to fame is that we represented Mark Twain and Helen Keller. We are quite proud of our history and our reputation, and rightfully so. We are steeped in Connecticut law,

On September 4, 2018, the third stage of compliance deadlines under the New York Department of Financial Services’ (DFS) expansive cybersecurity regulation went into effect. This deadline, scheduled for implementation 18 months after the regulation (23 NYCRR 500) initially went into effect in March 2017 triggers Covered Entities’ obligations under the regulation to:

  1. Maintain systems

The New York Department of Financial Services (DFS) issued new regulations requiring every consumer credit reporting agency that “assembles, evaluates, or maintains a consumer credit report on any consumers located in New York State register with the Superintendent of the Department of Financial Services.”

As a result of credit reporting agencies’ new status of having

Cybersecurity hit the news hard in 2016. The number of high profile, and troubling, cyber incidents increased significantly. The Democratic National Committee and one of Clinton’s top advisor’s being hacked, with leaked emails by Russia, according to intelligence reports, may have influenced the U.S. election. Theft of document from the Mossack Fonseca law firm in

The New York Department of Financial Services announced last week that it will revise and delay the effective date of its proposed cybersecurity regulation. The announcement came two days after New York bankers brought up a number of criticisms of the proposed rules at a hearing before the state’s Standing Committee on Banks.

At the hearing, bankers lamented that the proposed regulation will prove too burdensome to implement, particularly for small community banks.
Continue Reading Bank Objections Play Key Role in Delay of New York Cybersecurity Regulation

The New York Department of Financial Services (NYDFS) will delay the effective date of their proposed cybersecurity regulation until March 1, 2017. A new draft of the proposed regulation will be published on December 28, 2016, with an anticipated 30 day comment period. The original proposed regulation met with significant resistance, including reportedly more than