Something Old, Something New: Latest NYDFS Cybersecurity Regulation Enforcement Action Emphasizes Policy Implementation, Training, and Effective Access Controls

The New York State Department of Financial Services recently announced that it has entered into a consent order with PayPal, Inc. for violations of the NYDFS Cybersecurity Regulation. The consent order, under which PayPal has agreed to pay a $2 million penalty, comes after an NYDFS investigation into a 2022 cybersecurity incident that led to the exposure of sensitive customer information on PayPal’s platform….
By: Wyrick Robbins Yates & Ponton LLP