Three years after enacting one of the most exacting cybersecurity regulations in the United States, the New York State Department of Financial Services (NYDFS) recently filed its first cybersecurity enforcement action. This enforcement action shows the importance of mitigating legal risks when addressing cybersecurity risks. NYDFS alleged that First American Financial, one of the country’s largest providers of title insurance, failed to properly address a known security vulnerability on its website that allowed millions of documents containing consumers’ nonpublic information to be exposed. After the vulnerability surfaced in a penetration test, First American misclassified the vulnerability as “low,” failed to investigate the vulnerability in the timeframe set by the company’s cybersecurity policy, the scope of documents that were exposed, and heed the recommendations of its in-house cybersecurity team. The timing of the NYDFS’s inaugural enforcement action shows that cybersecurity remains a key priority for government agencies, even during the COVID-19 […]
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