On May 13, 2021, the New York Department of Financial Services (NYDFS) announced a $1.8 million settlement with two related insurance companies, relating to violations of two different requirements of the NYDFS cybersecurity regulation during the period 2018 to 2019.
Read a discussion of the May 13 settlement by David Kessler, Susan Ross and Patrick Burke.
This latest enforcement action follows another NYDFS settlement in April with insurance company National Securities Corp. (NSC) for violations of the NYDFS cybersecurity regulations. David and Susan provided a detailed briefing of the NSC case on the Data Protection Report.