NY Dept of Financial Services Issues Guidance to Covered Entities on Overseeing Third-Party Service Providers: 4 Areas of Focus

The New York Department of Financial Services (NYDFS) just sent a stark reminder to covered entities (which includes financial institutions, insurance companies, and any other businesses regulated by the NYDFS) that they are responsible for the oversight of their third-party data service providers – and that this oversight is a key element of any data security program. The October 21 guidance from the NYDFS doesn’t impose new requirements or obligations on “Covered Entities” they regulate, but…
By: Fisher Phillips