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The Cybersecurity Division of the New York State Department of Financial Services (DFS) continues to ramp up enforcement of the Cybersecurity Regulation. In two recent settlements, DFS has begun to offer insight into how it intends to enforce the Cybersecurity Regulation, 23 NYCRR Part 500. We previously covered the Cybersecurity Regulation here.
In both cases, DFS focused on failures by the regulated entities to report cyber breaches in a timely manner as required by the Cybersecurity Regulation. Both matters also involved breaches of company email systems and failure to adequately control access to systems containing sensitive personal customer data. As discussed below, these settlements highlight three core requirements of the Cybersecurity Regulation: timely reporting of breaches (23 NYCRR 500.17); implementation of a cybersecurity risk assessment (23 NYCRR 500.9); and implementation of adequate access controls, including multi-factor authentication (23 NYCRR 500.12).
New-yorkUnited-statesSchoeneck-kingResidential-mortgage-services-incNational-securitiesNational-securities-corporationBond-schoeneckCybersecurity-divisionNew-york-state-departmentFinancial-servicesCybersecurity-regulationResidential-mortgage-services By Staff
A San Diego company announced Tuesday it plans to acquire South Portland-based Residential Mortgage Services Inc. for nearly $200 million.
Guild Holdings Co. (NYSE: GHLD), a mortgage lender and servicer with operations in 31 states, has inked an agreement to purchase RMS and expects the deal to close during the third quarter of this year, according to a news release.
RMS is a retail mortgage company with over 850 employees and 70 offices in 14 northeastern states. Besides its South Portland base, the firm has Maine locations in Auburn, Augusta, Bangor, Brunswick, Falmouth and Kennebunk.
Upon completion of the deal, the RMS management team, including President and CEO Jim Seely, would continue to run the business, Guild said in the release.
MaineUnited-statesFalmouthKennebunkSouth-portlandMary-ann-mcgarryJim-seelyResidential-mortgage-services-incGuild-mortgageGuild-holdings-coSan-diegoAnn-mcgarry