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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. This notice requirement explicitly applies to cybersecurity incidents occurring to the covered entity itself, its affiliates, or a third-party service provider.

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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. Any cybersecurity event that affects a third-party service provider that also affects the covered entity.

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Banking on mainframe-led digital transformation for financial services

IBM Big Data Hub

Financial services companies are considered institutions because they manage and move the core aspects of our global economic system. And the beating heart of financial institutions is the IBM mainframe. As efforts are scrapped, IT leaders within these organizations felt like they bit off more than they could chew.

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NYDFS Issues Ransomware Guidance Outlining Expected Security Controls

Hunton Privacy

On June 30, 2021, the New York State Department of Financial Services (“NYDFS,” the “Department”) issued guidance to all New York state regulated entities on ransomware (the “Guidance”), identifying controls it expects regulated companies to implement whenever possible.

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Proposed Amendments to NY Financial Services Cybersecurity Regulations Impose New Obligations on Large Entities, Boards of Directors and CISOs

Hunton Privacy

On July 29, 2022, the New York Department of Financial Services (“NYDFS”) posted proposed amendments (“Proposed Amendments”) to its Cybersecurity Requirements for Financial Services Companies (“Cybersecurity Regulations”). A covered entity’s incident response plan, as required by Section 500.16

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Security Affairs newsletter Round 450 by Pierluigi Paganini – INTERNATIONAL EDITION

Security Affairs

CISA and ENISA enhance their Cooperation CISA adds Qlik bugs to exploited vulnerabilities catalog Report: 2.6

Security 102
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U.S. and Foreign Cybersecurity and Intelligence Agencies Recommend Measures to Counteract Threat of Russian Cyberattacks

Data Matters

A few days after the Advisory, Ukrainian government websites were attacked by Russian actors while the Russian government simultaneously arrested members of the notorious ransomware gang REvil. Create, Maintain, and Exercise a Cyber Incident Response, Resilience, and Continuity of Operations Plan.