Paul Hastings Data Privacy and Cybersecurity Practice Co-Chair Aaron Charfoos Discusses the NYDFS Part 500 With the New York Law Journal

Paul Hastings Data Privacy and Cybersecurity practice co-chair Aaron Charfoos discusses the New York Department of Financial Services (NYDFS) Part 500, including how financial institutions can prepare for compliance and the rules’ impact on the cybersecurity and privacy legal landscape in New York and beyond, with the New York Law Journal.

New requirements of the NYDFS Part 500 will go into effect on May 1, 2025, requiring businesses to limit user access privileges, conduct automated scans of information systems to detect and prevent bugs or cybersecurity weaknesses, and monitor emails and web traffic to protect against malicious code, among other protocols.

According to Aaron, many financial services institutions that have a New York license should already be in compliance with the rules, which were introduced in 2023. Still, he anticipates that NYDFS will continue to play a significant role in the cybersecurity landscape, including in the auditing of the department’s required annual certification and enforcement actions brought following data breeches.

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