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NYSDFS Fines Lender and Mortgage Servicer $4.25M for Cybersecurity Failures Including Vendor Management

Posted on May 26, 2023 by Dissent

Joseph Lazzarotti of JacksonLewis writes:

Yesterday, New York’s Department of Financial Services (“DFS”) announced another enforcement action under the state’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R. Part 500 (“Reg 500”).  According to the press release, OneMain Financial Group LLC (“OneMain”) will pay a $4.25 million penalty to New York State for alleged violations of Reg 500.

In the Consent Order, DFS pointed to several provisions of Reg 500 for which it alleged OneMain came up short….

Read more at Workplace Privacy, Data Management & Security Report.

Related posts:

  • NYS announces $8 Million Penalty Against Genesis Global Trading, Inc. After DFS Investigation Finds Significant Failings in Anti-Money Laundering and Cybersecurity Programs
  • NYS Department of Financial Services Announces Cybersecurity Fraud Alert
  • NY: DFS Superintendent Adrienne A. Harris Announces Updated Cybersecurity Regulation 
  • Governor Hochul Announces Nation-Leading Cybersecurity Strategy
Category: Commentaries and AnalysesFinancial SectorLegislationOf NoteState/LocalU.S.

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