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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. The Amendment also includes new governance requirements and responsibilities applicable to the CISO of all covered entities.

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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. Multifactor Authentication. Cybersecurity Governance. The proposed amendments revise several aspects of the draft Cybersecurity Rule amendments released on July 29, 2022.

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Black Friday and Cyber Weekend: Navigating the Tumultuous Waters of Retail Cybersecurity

Thales Cloud Protection & Licensing

The IBM 2023 Cost of a Data Breach Report , for example, highlights the continuous financial burden on retailers, which, coupled with potential reputational damage, emphasizes the dire need for retailers to prioritize and bolster their cybersecurity measures. Governments: Look to global benchmarks. Panic can exacerbate the situation.

Retail 83
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NYDFS Imposes Fine of $5 Million on Carnival for Cybersecurity Breaches

Hunton Privacy

On June 24, 2022, the New York State Department of Financial Services (“NYDFS” or the “Department”) announced it had entered into a $5 million settlement with Carnival Corp.

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Risk Management under the DORA Regulation

IT Governance

Perhaps even more concerning to EU lawmakers is how dependent society at large is on banking and other financial services. In turn, financial institutions heavily depend on ICT to be able to provide those services to begin with. Authenticity : The validity of the asset cannot be denied.

Risk 104
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Catches of the Month: Phishing Scams for October 2023

IT Governance

EvilProxy phishing campaign targets Microsoft 365 accounts via indeed.com A phishing campaign identified by Menlo Security has been targeting senior executives in various industries – most notably banking and financial services, property management and real estate, and manufacturing – since July.

Phishing 105
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Avoslocker ransomware gang targets US critical infrastructure

Security Affairs

. “AvosLocker is a Ransomware as a Service (RaaS) affiliate-based group that has targeted victims across multiple critical infrastructure sectors in the United States including, but not limited to, the Financial Services, Critical Manufacturing, and Government Facilities sectors. Disable unused ports.