NYDFS Announces Cybersecurity Settlement, Addresses Multi-Factor Authentication Rules

On April 14, 2021, the New York Department of Financial Services (“NYDFS”) announced a settlement with National Securities Corporation (“National Securities”), a licensed insurer, in connection with claims under the NYDFS Cybersecurity Regulation (23 NYCRR Part 500). The consent order requires payment of a $3M penalty and mandatory remediation in response to alleged failures to properly implement multi-factor authentication, provide notice to NYDFS of two cybersecurity events reported to other...
By: Alston & Bird

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