NYDFS Issues Guidance on Managing Risks Related to Third-Party Service Providers

On October 21, 2025, the New York Department of Financial Services (“NYDFS”) published an Industry Letter (the “Letter”) outlining guidance on managing risks related to third-party service providers (“TPSPs”). NYDFS recognizes that as covered entities become more reliant on TPSPs, managing TPSPs “remains a crucial element of a Covered Entity’s cybersecurity program.” The Letter outlines the actions and advice Covered Entities should take while progressing through the lifecycle of a TPSP…
By: Alston & Bird