Cybersecurity Compliance Emphasized At MBA's Legal Issues And Regulatory Compliance Conference

With cybersecurity legislation and regulation sweeping the country in response to a series of high-profile hacking and ransomware attacks, it was little surprise that cybersecurity was a topic at the recently concluded Mortgage Bankers Association's Conference on Legal Issues and Regulatory Compliance. A major takeaway at the conference was that lenders and servicers with consumer-facing platforms that collect personal information should review their cybersecurity policies immediately. Simply waiting for an agency inquiry, investigation, or a breach could result in dire financial and reputational consequences.

To illustrate this point, one speaker at the conference noted the enforcement action commenced by the New York State Department of Financial Services (DFS) in July of 2020 against a leading title insurance company, alleging violations of DFS's Cybersecurity Regulation 23 NYCRR 500 (Regulation 500). Among other things, Regulation 500 requires that most