Kathleen Scott (US)

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New York State imposes a US$1.5 million penalty in cybersecurity breach case

On March 3, 2021, the New York Department of Financial Services (NYDFS) announced a Consent Order with a NYDFS-licensed Maine-based mortgage banker and loan servicer settling alleged violations of the NYDFS cybersecurity regulations. (In the matter of Residential Mortgage Services, Inc., March 3, 2021). The Consent Order required RMS to pay $1.5 million, and within … Continue reading

NYDFS Requires COVID-19 Plans by April 9

On March 10, 2020, the New York Department of Financial Services (NYDFS) issued guidance to all of its regulated institutions engaged in virtual currency business activity, requiring them to have plans for preparedness to manage the possible operational and financial risks posed by the COVID-19 pandemic. NYDFS requires the plans to be submitted by Thursday, April 9, … Continue reading

Transition period under New York Cybersecurity Regulation ends March 1, 2019

The two-year transitional period under the New York State Department of Financial Services (“DFS”) Cybersecurity Regulation, 23 NYCRR 500 (the “Regulation”), will expire on March 1, 2019, with the final remaining requirement becoming effective. Entities covered by the Regulation that utilize third party service providers, which include not only banks and insurers, but also other … Continue reading

February 15 deadline looms for first DFS Cybersecurity Certification

February 15, 2018, is quickly approaching and any entity subject to New York’s cybersecurity regulation (23 NYCRR Part 500) must file its first annual certification of compliance with the New York State Department of Financial Services (DFS) by that date. New York imposes cybersecurity requirements on all entities (covered entities) subject to the jurisdiction of … Continue reading
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