The final regulations continue to define a “Covered Entity” as “any Person operating under or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the Banking Law, the Insurance Law, or the Financial Services Law.” … [Read more...] about At Last, Final New York Department Financial Security Cybersecurity Regulations….
New york department of financial services
Under the Final Regulation, subject to certain exemptions, any individual, partnership, corporation, association or other entity operating under or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the New York Banking Law, Insurance Law or Financial Services Law (a “Covered Entity”) is required to: … [Read more...] about New York Department of Financial Services Finalizes Cybersecurity Proposal
On November 9, 2015, the New York Department of Financial Services (NYDFS) issued a letter that describes what insurers can expect from the Department’s ongoing assessment of cybersecurity measures. The letter parallels concerns raised in NYDFS’s February 2015 report, which noted low levels of CEO attention to cybersecurity issues and high levels of information sharing with third-party service providers. … [Read more...] about New York Department of Financial Services (NYDFS) Letter: “Potential” Cybersecurity Regulations for Insurers
The submission of proposals and applications will begin the regulatory process, and applicants will work with the DFS to ensure that their applications include robust protections with respect to consumers, cyber security and anti-money laundering. Approved applications will be subject to the regulatory framework that the DFS expects to put forth by the end of the second quarter of 2014. Among the proposed regulations will be a “BitLicense” for virtual currency firms in New York. The DFS also plans to consider proposals and applications for virtual currency firms other than exchanges in the near future. Superintendent Lawsky stated, “Consumers should understand and receive appropriate disclosures about the potential risks associated with using virtual currencies or any other financial product, but the fact is that virtual currencies are unlikely to disappear entirely.” … [Read more...] about New York Department of Financial Services Issues Public Order to Invite Virtual Currency Exchange Proposals
Narrowing the requirement to notify the DFS of Cybersecurity Events: The Original Proposal required the Covered Entity to notify the DFS of any Cybersecurity Event that (a) has a reasonable likelihood of materially affecting the Covered Entity’s normal operations or (b) affects Nonpublic Information within 72 hours. The notification requirement survives in the Revised Proposal, but it is limited to Cybersecurity Events (a) of which notice is required to be provided to any supervisory body or (b) that have a reasonable likelihood of materially harming any material part of the Covered Entity’s normal operations. … [Read more...] about New York Department of Financial Services Revises Cybersecurity Proposal: Greater Flexibility and Delayed Compliance Deadlines