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On April 14, 2021, the New York Department of Financial Services (DFS) announced it settled an enforcement action against National Securities Corporation (“National Securities”) related to claims under the Cybersecurity Regulation, 23 NYCRR Part 500. The Consent Order imposes a $3 million penalty, various remediation measures and represents a flurry of cybersecurity activity by the regulator in the first quarter of 2021. Over the last two months DFS settled two enforcement actions and issued amended charges against First American, the first charges under the Cybersecurity Regulation, originally announced less than a year ago.
April 14, 2021, Settlement
David Navetta and Paul Moura discuss their thoughts on the importance of cyber insurance in the latest installment of "Caveat," a weekly podcast series by The CyberWire, on surveillance.
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On April 14, 2021, the New York Department of Financial Services
(DFS) announced it settled an enforcement action
against National Securities Corporation ( National
Securities ) related to claims under the Cybersecurity
Regulation, 23 NYCRR Part 500. The Consent Order imposes a $3 million penalty,
various remediation measures and represents a flurry of
cybersecurity activity by the regulator in the first quarter of
2021. Over the last two months DFS settled two enforcement actions
and issued amended charges against First American, the first charges under the Cybersecurity
Regulation, originally announced less than a year ago.
ICYMI: New York DFS Settles With Mortgage Lender for Failing to Report Data Breach insidearm.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insidearm.com Daily Mail and Mail on Sunday newspapers.
Monday, April 12, 2021
On March 1, 2017, the New York State Department of Financial Services (“NYDFS”) Cybersecurity Requirements for Financial Services Companies (the “Cybersecurity Regulation”) became effective.
[1] Fast forward four years, where NYDFS issued its first penalty under the Cybersecurity Regulation arising from a standard examination. On March 3, 2021, NYDFS entered into a Consent Order with Residential Mortgage Services, Inc. (“RMS”) that requires RMS to pay a penalty of $1.5 million after a standard examination uncovered an unreported email compromise impacting New York consumers and a lack of periodic risk assessments by RMS. Previously, the only NYDFS cybersecurity enforcement action was against a title insurance company that experienced a large, publicly-reported data breach. The fact that NYDFS penalized RMS in connection with a standard examination demonstrates the importance of covered entities’ compliance with the Cybersecurity Regul