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Effective Nov. 1, the New York State Department of Financial Services has strengthened cybersecurity requirements for financial services companies. All companies should take account of these amendments, as these NYDFS regulations are increasingly referenced as key benchmarks for cybersecurity compliance programs. New York’s Department of Financial Services finalized significant amendments to the cybersecurity requirements for financial services companies in Part 500 of Title 23 of the Official Compilation of Codes, Rules and Regulations of the…

Effective November 1, 2023, New York State Department of Financial Services (“DFS”) Strengthens Cybersecurity Requirements for Financial Services Companies. All companies should take account of these amendments, as these DFS regulations are increasingly referenced as key benchmarks for cybersecurity compliance programs. New York State’s Department of Financial Services (“DFS”) finalized significant amendments to 23 CRR-NY 500 NY-CRR, “Cybersecurity Requirements for Financial Services Companies” (“Part 500”). This follows two rounds of proposed amendments and public comment…

New York may soon restrict employers and employment agencies from using fully-automated decision making tools to screen job candidates or make other employment decisions that impact the compensation, benefits, work schedule, performance evaluations, or other terms of employment of employees or independent contractors. Draft Senate Bill 7623, introduced August 4, aims to limit the use of such tools and requires human oversight of certain final decisions regarding hiring, promotion, termination, disciplinary, or compensation decisions. Senate Bill…

On June 14, 2022, Baker McKenzie held its inaugural Cybersecurity Symposium in New York in conjunction with the Association of Corporate Counsel (ACC). It was a thought-provoking day discussing trends and fresh insights from key players in the government and private sector, the ever-changing regulatory landscape, best practices for cyber-readiness and practical advice to manage cyber-threats, data breach response, insurance and related litigation. The following video provides valuable information and key-takeaways in connection with cybersecurity…

In early May, private sector employers in New York will face new disclosure requirements for electronic monitoring of employees. Beginning May 7, 2022, New York will join Connecticut and Delaware among the states that now require employers to provide written notice to new hires who are subject to electronic monitoring. These new disclosure requirements come after Governor Kathy Hochul signed into law amendments to Civil Rights Chapter 6, Article 5, Section 52-C*2. Here’s what New York…

The Empire State is making waves in the world of privacy with the introduction of its own version of the now infamous California Consumer Privacy Act (CCPA).  SB 567, which was introduced on January 6, 2021, is New York’s attempt to introduce new consumer rights with respect to personal information, as well as regulate the sale of consumer personal information to third parties.  Notably, the Bill also introduces a private right of action for consumers…

In the United States, a significant legislative trend is on the horizon for insurers in 2020: a new breed of state privacy and cybersecurity laws. In the absence of federal intervention, a growing number of state legislatures are enacting laws and regulations modeling California’s Consumer Privacy Act for all businesses, and, in parallel, prescribing privacy and cybersecurity requirements directed at insurers. To help insurers stay ahead of the curve, we summarize below several cybersecurity measures…

On 25 July 2019, the New York Governor, Andrew Cuomo, signed into law the “Stop Hacks and Improve Electronic Data” Act (S.6933-B) (SHIELD). When it becomes effective, SHIELD will provide stronger protections for New Yorkers by imposing strict cybersecurity requirements on all companies that handle their private information, even if those companies are located elsewhere. SHIELD updates New York’s existing privacy protection laws governing data breach notification requirements, consumer data protection obligations, and broadens the…

The hype around blockchain and smart contracts is like nothing we have seen, possibly since the Internet. For a disputes lawyer, the technology raises twists on some historical issues such as personal jurisdiction and choice of law. Another issue — does the code that makes up smart contracts satisfy the statute of frauds?But smart contracts will also raise issues that courts have not had to deal with in connection with more traditional contracts. For example,…

In a surprising turn of events, the New York State Department of Financial Services (“DFS”) announced on December 28 significant changes to its cybersecurity regulation in response to industry concerns that the agency’s original proposal was too prescriptive, and did not allow enough time for compliance.In September of 2016, DFS had proposed stringent cybersecurity requirements aimed at protecting “Nonpublic Information” within the custody or control of banks, insurers, and other financial institutions (“Covered Entities”) from…