Tag Archives: New York Department of Financial Services

New York Department of Financial Services Cybersecurity Regulation 18-month Compliance Deadline Arrives

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: Maintain systems … Continue Reading

Credit Reporting Agencies Now Must Register with NY DFS and Comply with Cybersecurity Regulations

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 … Continue Reading

The State of Cybersecurity in 2016 and the (potential) Great Cyber Fire

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 … Continue Reading

Bank Objections Play Key Role in Delay of New York Cybersecurity Regulation

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 … Continue Reading

New York Cybersecurity Regulation Delayed

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 … Continue Reading

The Cyber Regulation Drops

On September 13, 2016, Governor Andrew Cuomo announced the first proposed broadly applicable cyber regulation in the U.S. (the “Regulation”). The Regulation covers banks, insurance companies and other financial institutions (Covered Entities) regulated by the New York Department of Financial Services (the “DFS”). The Regulation is tightly focused, but with broad reach. It appears to … Continue Reading

SWIFT CEO announces customer security programme

Following a series of thefts from international banks utilizing the Society for World Interbank Financial Telecommunication (SWIFT) communication system, the Chief Executive Officer of SWIFT announced a sweeping five part plan to “reinforce the security of our shared global financial system.” The five part plan includes: Improve information sharing among the global financial community; Harden … Continue Reading
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