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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 new rules provide more details on how the senior governing body of the covered entity is expected to exercise oversight of its cybersecurity risk management.

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

Data Matters

The advisory was promptly endorsed by the National Cyber Security Centre, a division of Government Communications Headquarters (“GCHQ”), a UK intelligence agency. Create, Maintain, and Exercise a Cyber Incident Response, Resilience, and Continuity of Operations Plan.

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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. Covered Entities must have a monitoring process that ensures prompt notification of any new security vulnerabilities. Cybersecurity Governance.

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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”). As part of the “training and monitoring” requirements under Section 500.14 Additional Requirements.

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What (currently ignored) privacy area might result in early enforcement action when the GDPR is in force?

Data Protector

And also, what standard of evidence is necessary to be generated, just in case privacy regulators exercise their Article 30(4) right to request it. Does it really mean that in 481 days, European privacy regulators will be heralding the first megafine for non-compliance with one of the GDPR’s more obscure requirements? I think not.

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Deploying applications built in external CI through IBM Cloud DevSecOps

IBM Big Data Hub

These attacks are even more detrimental in critical systems, which include IT infrastructure and financial services organizations. IBM Cloud for Financial Services This is where IBM Cloud for Financial Services shines—it helps clients to fill that gap by supporting innovation while guaranteeing security and compliance.

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