Cybersecurity Considerations After NY Lender’s Data Breach – Law360


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Law360 (March 30, 2021, 2: 14 PM EDT) -- On March 3, the New York Department of Financial Services announced its execution of a consent order[1] with Residential Mortgage Services Inc., a DFS-licensed mortgage banker and mortgage loan servicer, that fines RMS $1.5 million for its violations of Cybersecurity Regulation, Part 500 of Title 23 of the New York Codes, Rules and Regulations.

According to the order, RMS failed to meet its Part 500 obligations by inadequately responding to a cybersecurity event[2] and neglecting to have conducted a comprehensive cybersecurity risk assessment.

The order is the latest demonstration of the seriousness with which the DFS is approaching enforcement of Part...

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