- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-10-17T17:42:00
New York financial institutions are expected to address cybersecurity risks posed by artificial intelligence (AI), and new guidance from the New York Department of Financial Services (NYDFS) is aimed at helping firms do just that.
In a letter, published Wednesday, the NYDFS offered guidance to businesses about complying with the department’s comprehensive cybersecurity regulation (Part 500) when AI is involved.
The guidance for the cybersecurity regulation, first enacted in 2017, heavily amended in November 2023, and updated for small businesses in May, doesn’t impose new requirements, the NYDFS said.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership limited time offer
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Annual Membership $499
Full price one year membership.
The New York State Department of Financial Services fined cryptocurrency exchange Gemini Trust Company $37 million over alleged compliance failures related to lapses in safety and soundness.
The New York State Department of Financial Services released final guidance on how banks and non-depository financial institutions should vet executives, including chief compliance officers, before and during their employment.
The New York State Department of Financial Services issued guidance to regulated banking and lending institutions on managing material financial and operational risks related to climate change.
Concerns about how robustly European member states may enforce the EU AI Act, which took effect on Aug. 1, are divided between if regulators will take a “light touch” approach or a sledgehammer for noncompliance. One thing’s for sure, the pace of AI innovation will make enforcement very difficult.
Tthe Federal Trade Commission, after years of public comments and changes, released a final “Click to Cancel” Rule, which requires a customer’s express consent before they can be charged and prohibits practices that make it difficult for a customer–whether a family or another business–to cancel.
The Criminal Division of the Department of Justice plans to heighten its focus on cybercrime, according to division head Nicole Argentieri.
