Analysis

NY Cybersecurity Rules Pack Wallop In Enforcement Debut

Law360 (August 18, 2020, 8:36 PM EDT) -- New York's financial services regulator demonstrated an appetite for policing data security missteps, even if consumers aren't obviously harmed, by targeting a data leak at insurer First American for its first enforcement action under the state's novel cybersecurity rules.

Banks and insurers have long been bracing for enforcement to begin under first-of-their-kind cybersecurity rules developed by the New York Department of Financial Services in 2016. The regulations, which require covered entities to take specific steps to fortify their cybersecurity protocols and to report breaches within 72 hours, took effect in several stages spanning a two-year period that concluded in March 2019.

With the rules...

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