Ask Tim; Cyber

Abstract: The New York State Department of Financial Services (DFS) today advised all entities it regulates to prepare for increased risks of cyber attacks resulting from recent global conflicts. Body: ​The New York State Department of Financial Services (DFS) today advised all entities it regulates to prepare for increased risks of cyber attacks resulting from recent global conflicts. The industry letter appears to have been prompted by the entry over the weekend of the United States into the conflict between Israel and Iran.Parts of the letter focused on laws and regulations pertaining to virtual currencies and U.S. sanctions against certain countries. Much of it discussed…

Abstract: The New York financial services cybersecurity regulation requires you to notify the state Department of Financial Services if you are victimized by cyber criminals. Body: ​It is always possible that your agency – or one of the third-party service providers (TPSPs) the agency works with – will be victimized by cyber criminals. If that happens, the New York financial services cybersecurity regulation requires you to notify the state Department of Financial Services (DFS.) While you're attempting to limit and repair the damage, these are some questions that might come up:What is a “cybersecurity incident"?The regulation defines that term in two parts. The first is…

Abstract: We are happy to announce a new resource to help you comply with New York's financial services cybersecurity regulation - a "frequently asked questions" document. Body: ​ We are happy to announce a new resource to help you comply with New York's financial services cybersecurity regulation - a "frequently asked questions" document. The seven-page file​ provides answers to some of the questions Big I New York members ask most often about the regulation, including:Are licensed employees required to make the annual compliance filings?How do I get help completing the compliance filing?Does my agency have to submit the Notice of Exemption every year?Do agency employees have…