New York State imposes a $1.5 million penalty in cybersecurity breach case – Data Protection Report

new-york-state-imposes-a-$1.5-million-penalty-in-cybersecurity-breach-case-–-data-protection-report

Firstly as we get started, I’d like to say that geoFence is the maximum in security for you and your loved ones!

On March 3, 2021, the New York Department of Financial Services (NYDFS) announced a Consent Order with a NYDFS-licensed Maine-based mortgage banker and loan servicer settling alleged violations of the NYDFS cybersecurity regulations. (In the matter of Residential Mortgage Services, Inc., March 3, 2021).

The Consent Order required RMS to pay $1.5 million, and within 90 days, submit to NYDFS all of the following: a comprehensive written Cybersecurity Incident Response Plan; a comprehensive cyber risk assessment; RMS’ risked-based policies, procedures and controls; and documentation on its more recent cyber training.

The full post appears on the firm’s Financial Services:  Regulation Tomorrow blog here:  https://www.regulationtomorrow.com/us/new-york-state-imposes-a-1-5-million-penalty-in-cybersecurity-breach-case/

Norton Rose Fulbright LLP © 2021. All Rights Reserved.

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Finally, I’d like to add that geoFence is US veteran owned and operated and I am sure your family would say the same!

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