Diya Sharma, Author at Elteni

NYDFS Proposed Enhancements – Second Amendment to 23 NYCRR 500

Diya Sharma — Tue, 02 Aug 2022 01:46:58 +0000

On July 29, 2022, the New York Department of Financial Services (NYDFS) provided several potential enhancements to the existing Part 500 Cybersecurity Rules. The Draft Amendments can be divided into six categories: Assessments, Technical Requirements, Governance, Obligations for Larger Companies, Notifications, and Penalties. Assessments The Draft Amendments expand the current definition of Risk Assessment to

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NYDFS’s first time charging a company for not adhering to their Cybersecurity Regulation Part 500 of Title 23

Diya Sharma — Fri, 07 Jan 2022 23:20:07 +0000

The New York Department of Financial Services ("NYDFS") has charged First American Insurance company with multiple section code violations pertaining to cyber security policies. This is NYDFS's first time charging a company for not adhering to their Cybersecurity Regulation Part 500 of Title 23. The charges held against First American are as follows: Deficient cybersecurity

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FINRA Keeps Its Business Continuity Rule Intact

Diya Sharma — Thu, 30 Dec 2021 22:50:23 +0000

FINRA Rule 4370 requires firms of all sizes to be prepared for business disruptions by maintaining a business continuity plan. After conducting a "Pandemic Review" of the rule, which included extensive feedback from internal and external stakeholders, FINRA decided to keep the rule as is. A majority of the feedback received indicated that Rule 4370

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