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DFS Urges Cyber Precautions Due to World Events

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…

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Big I New York Scores Legislative Wins — But Crucial Proactive Bills Stall as Session Closes

Abstract: Lawmakers concluded their regularly scheduled 2025 legislative session this week, but work is far from over. Body: ​Lawmakers concluded their regularly scheduled 2025 legislative session this week, but work is far from over. Big I New York and the insurance industry secured legislative wins and stopped several negative bills. The largest bill category, however, is important proactive bills that were held in one or both chambers. This means that there is much work to be done over the next six months to prepare for the 2026 legislative session.Big I New York tracked hundreds of bills this session. The following represents the status of just a handful of priority…

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Reporting Cybersecurity Incidents

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…

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