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To print this article, all you need is to be registered or login on Mondaq.com. 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. ....
State Notifications Deemed to Trigger DFS Reporting of Non-material Breaches Two successive Consent Orders have demonstrated the seriousness of non-compliance with New York’s Department of Financial Services financial regulations. While not surprising given the relatively egregious facts of the two cases, DFS’s unprecedented interpretation of the ‘other’ reporting prong of DFS Part 500.17(a) – any notice to another regulatory authority even if the incident is not material – creates a potential hidden standard for the timing of reporting such incidents. In March 2021, the New York State Department of Financial Services (“DFS”) entered into a consent order with Residential Mortgage Services (“Residential”), a mortgage loan service company based in Maine, which required Residential to pay a $1.5 million penalty for violating DFS’s cybersecurity regulation, as well as undertake certain remedial measures. ....
To print this article, all you need is to be registered or login on Mondaq.com. On March 3, 2021, the New York Department of Financial Services (DFS) announced that Residential Mortgage Services, Inc. ( Residential Mortgage or the Company ) would pay a $1.5 million penalty for violations of the Cybersecurity Regulation, 23 N.R.C.R.R. Part 500. Just six weeks later, on April 14, 2021, DFS announced (https://www.dfs.ny.gov/reports and publications/press releases/pr202104141) another settlement agreement with insurance brokerage firm National Securities Corporation ( National Securities or the Firm ). These two enforcement actions under the Cybersecurity Regulation coming in quick succession, and just ....
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 Cybersecur ....