September 4, 2018 marks the end of the transitional period for covered entities to comply with several key provisions of the NYDFS Cybersecurity Requirements that require certain systemic and sustained measures. These provisions include the encryption and audit trail requirements as well as ones relating to the implementation of monitoring policies, procedures, and controls, application […]
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Rhode Island’s New Cybersecurity Law for Nonbank Financial Institutions
Rhode Island has enacted Senate Bill 603 (SB603), effective July 2, 2025, establishing a comprehensive cybersecurity framework for nonbank financial institutions licensed by the state’s Department of Business Regulation (DBR). Although SB603 is closely modeled after the New York Department of Financial Services’ (NYDFS) Cybersecurity Regulation, 23 NYCRR Part 500 (Part 500), SB603 introduces several […]
FTC Announces Proposed Settlement with GoDaddy Incorporating Prescriptive Cybersecurity Requirements
On January 15, 2025, the Federal Trade Commission (FTC) announced a proposed settlement with GoDaddy Inc. (GoDaddy) for making false or misleading representations about their security practices in violation of Section 5 of the FTC Act. GoDaddy, a website hosting company, serves approximately 5 million customers. In the complaint, the FTC indicated that although GoDaddy […]
Combatting the New Insider Threat: North Korean IT Workers Posing as Remote Employees
The New York Department of Financial Services issued a cybersecurity advisory on November 1, 2024, regarding a growing threat posed by North Korean operatives seeking remote IT roles at U.S. companies. These operatives secure jobs at prominent companies, generate revenue for the regime, and have the potential to expose sensitive corporate data. These highly sophisticated […]
NY DFS Releases Revised Proposed Second Amendment of its Cybersecurity Regulation
The New York Department of Financial Services (“NY DFS”) published an updated proposed Second Amendment to its Cybersecurity Regulation (23 NYCRR Part 500) in the New York State Register on June 28, 2023, updating its previous proposed Second Amendment, which was published November 9, 2022. While the language proposed is largely similar to the previous […]