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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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2024 Cybersecurity Laws & Regulations

eSecurity Planet

The landscape of cybersecurity laws and regulations today is set to undergo significant changes, impacting businesses, government entities, and individuals alike. This includes administrative, physical, and technical safeguards like encryption and access controls. What are Federal Cybersecurity Regulations?

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Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation

Data Matters

On July 21, 2020, the New York State Department of Financial Services (NYDFS or the Department) issued a statement of charges and notice of hearing (the Statement) against First American Title Insurance Company (First American) for violations of the Department’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R.

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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. The security of our financial data is of paramount importance.

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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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$8 million penalty to NYDFS – and another case of over-retention

Data Protection Report

On January 3, 2024, the New York Department of Financial Services announced a consent order with GGT, where GGT agreed to pay NYDFS $8 million and to surrender its BitLicense (for cryptocurrency trading), due to alleged violations of NYDFS’ cybersecurity and its virtual currency regulations.

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Security Compliance & Data Privacy Regulations

eSecurity Planet

See the Top Governance, Risk and Compliance (GRC) Tools. Other industry standards too can have the force of “pseudo-law” – notably, the NIST Cybersecurity Framework, which federal regulators often apply to financial-services firms and government contractors. See the Best Cybersecurity Awareness Training for Employees.