New York Department of Financial Services

Subscribe to New York Department of Financial Services

A growing number of states have enacted laws this year to study artificial intelligence (AI), ahead of possible legislative action to address expected threats to jobs, civil liberties, and property rights with the emerging technology. The specific goals of these committees have varied. For instance, Minnesota is studying how intelligence sharing with AI might enable…

The New York Department of Financial Services (NYDFS) has settled alleged violations of the Department’s strict cybersecurity regulations with National Securities Corp. (NSC) for $3 million, regarding four separate cybersecurity events suffered by it and its affiliate National Asset Management, Inc. (NAM) between April 3, 2018 and April 30, 2020.

The Consent Order reports that…

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…

You probably heard about the recent hack of Twitter accounts that took place on July 15, 2020. The hackers took over several prominent Twitter accounts, which resulted in a scam that netted over $118,000 in bitcoin for the hackers. One of the most startling things about the cyberattack was that it was led by a…

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…