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New Cybersecurity Rules for Financial Institutions in New York State Take Effect November 1, 2024

Thales Cloud Protection & Licensing

New Cybersecurity Rules for Financial Institutions in New York State Take Effect November 1, 2024 madhav Fri, 10/25/2024 - 06:09 The next major deadline for compliance with the updated cybersecurity rules from the New York State Department of Financial Services (NYDFS) is November 1, 2024.

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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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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. Since Carnival was licensed by the Department to sell insurance in NY State, it was treated as a covered entity under the Cybersecurity Regulation.

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2024 Cybersecurity Laws & Regulations

eSecurity Planet

Health Insurance Portability & Accountability Act (HIPAA) The Health Insurance Portability and Accountability Act (HIPAA) sets standards for protecting sensitive health information, particularly electronic health records (EHRs). This includes administrative, physical, and technical safeguards like encryption and access controls.

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New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process

Hunton Privacy

As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. sought coverage for expenses under its property insurance policy.

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Security Compliance & Data Privacy Regulations

eSecurity Planet

are subject to laws such as the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health Act (the HITECH Act), as well as regulations such as the Clinical Laboratory Improvements Amendments (CLIA). See the Best Cybersecurity Awareness Training for Employees.

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Cybersecurity Standards for the Insurance Sector – A New Patchwork Quilt in the US?

HL Chronicle of Data Protection

In the past two years, multiple state bills that have been introduced in the US to provide for cybersecurity requirements and standards to the insurance sector, with recent legislative activity taking place in particular within the States of Ohio, South Carolina, and Michigan. NYDFS: Setting a new bar for state cybersecurity regulation.