Category: New York Cybersecurity Regulation
New York’s Department of Financial Services (“DFS”) announced on Wednesday, March 3, 2021, that an independent mortgage lender, Residential Mortgage Services Inc. (“RMS”), has agreed to pay a $1.5 million fine to the agency in a settlement resulting from violations of its Cybersecurity Regulation. This is just the second enforcement action brought by DFS under the Cybersecurity Regulation, which was the first of its kind nationally.
The New York Department of Financial Services (“DFS”) recently initiated its first enforcement action against a company for violating DFS’s first-in-the-nation cybersecurity regulation. As our readers know, we have written quite a few posts and articles about the regulation. And as we’ve warned, with the regulation now in full effect, covered companies should expect DFS’s Cybersecurity Division to start cracking down on companies that haven’t complied.
In response to the COVID-19 pandemic, the New York Department of Financial Services (DFS) recently extended by 45 days the deadline for companies to certify compliance with the DFS cybersecurity regulation. The annual certification is now due on June 1.
The New York State Senate recently passed The Stop Hacks and Improve Electronic Data Security Act, or SHIELD Act, leaving only the Governor’s signature as the final step to the SHIELD Act becoming the country’s newest—and one of the most stringent—breach notification laws. Given Governor Cuomo’s previous support for robust cybersecurity protection, New York may soon join a growing number of states beefing up their notification statutes.
It’s a marathon month for the thousands of financial institutions and insurance companies covered by New York’s landmark cybersecurity regulation. In little more than a week, these businesses must file their second annual certification of compliance with the State’s Department of Financial Services. Two weeks later, they must also come into compliance with the regulation’s third-party vendor requirements, the final milestone in the two-year roll out of the cybersecurity regulation.
With the year quickly coming to a close, it’s time for organizations covered by New York’s Cybersecurity Regulation for Financial Service Companies to take stock of their compliance efforts before popping any champagne corks to usher in the New Year.
By today, financial institutions are required to meet their next deadline for compliance with New York’s cybersecurity law. The regulation – enacted in March 2017 –includes a series of rolling deadlines that require banks and insurance companies covered by the law to meet varying data security requirements.
It’s that time again. The third compliance deadline for New York’s sweeping new cybersecurity regulation is less than three weeks away.
That means five new requirements must be in place by September 4, 2018.