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ARTICLE · 19 OCTOBER 2023

Is Your Cybersecurity Program Compliant? Lender Penalized $4.25 Million By NYDFS For Deficiencies

Reinhart, Boerner, Van Deuren SC
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Entities operating under the New York Banking Law, Insurance Law or Financial Services Law have another reason to review their cybersecurity programs.

United StatesTechnology
Kristi J. French
Kristi J. French
Jordan Jozwik
Jordan Jozwik
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Entities operating under the New York Banking Law, Insurance Law or Financial Services Law have another reason to review their cybersecurity programs. In May, the New York Department of Financial Services (NYDFS) published its consent order with OneMain Financial Group, LLC (OneMain), penalizing OneMain $4.25 million for deficiencies in its cybersecurity program under 23 NYCRR Part 500 (the Cybersecurity Regulation).

The Cybersecurity Regulation, promulgated by the NYDFS in March 2017, establishes cybersecurity requirements for banks and trusts, licensed lenders, sales finance companies, insurance companies and any other entities operating under the New York Banking Law, Insurance Law or Financial Services Law (covered entities). The Cybersecurity Regulation requires covered entities to maintain a comprehensive cybersecurity program design­ed to protect consumer information.

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