NYDFS Issues Frontier AI Advisory and Guidance for Heightened Cyber Threat Environment

Our Privacy, Cyber & Data Strategy Team explores new guidance from the New York Department of Financial Services for covered entities to combat what it considers the most pressing cybersecurity risks of artificial intelligence (AI).

In early March, the New York Department of Financial Services (NYDFS) announced a settlement involving a $1.5M penalty and mandatory remediation in response to a mortgage lender’s alleged failure to report a cyber breach, and other alleged cybersecurity failures. This enforcement action marks the second public enforcement action under 23 NYCRR Part 500 (the “Cybersecurity Regulation”) (see […]

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The New York Department of Financial Services (NYDFS) has released a new set of Frequently Asked Questions (FAQs 18–23) under 23 NYCRR Part 500, reinforcing its position that multifactor authentication (MFA) remains a critical component of a covered entity’s cybersecurity program. These FAQs provide highly prescriptive guidance, including clarifications on technical requirements for the “possession” […]

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