Tag: New York Department of Financial Services
New York Department of Financial Services Amends Its Cybersecurity Regulations
On November 1, 2023, the New York Department of Financial Services (NYDFS) finalized its proposed cybersecurity rules, which build upon existing NYDFS cybersecurity requirements in the Part 500 Cybersecurity Rules. New class of covered entities The updated rules finalize a new class of financial services companies subject to NYDFS’ regulations […]
Improving Cyber Insurance Practice Should Be a Company’s Priority
The New York State Department of Financial Services recently issued guidance for New York-regulated property and casualty insurers to effectively manage the cyber insurance risk present in their insurance portfolio. The DFS’ guidance signals an effort to reduce overall volatility in the cyber insurance market, which has been compounded by […]
New York Department of Financial Services Launches Enforcement of Cybersecurity Rules
The New York Department of Financial Services recently initiated its first action to enforce the department’s cybersecurity regulation. The regulation has been in effect since March 1, 2017 and applies to all financial institutions regulated by the NY DFS.