Search Results: Cybersecurity

New York Department of Financial Services Reaches $2,000,000 Settlement with Peer-to-Peer Payment Platform

On January 23, 2025, the New York Department of Financial Services (DFS) announced that it reached a $2,000,000 settlement as part of a broader consent order with a peer-to-peer payment platform (“P2P”) about its cybersecurity practices.  DFS contended that the P2P violated rules on Cybersecurity Policy, Cybersecurity Personnel and Intelligence,…

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51 State Financial Regulatory Agencies Enter Settlement and Consent Order with Nonbank Mortgage Servicing Companies

​On January 9, 2025, 51 State Financial Regulatory Agencies (the “Agencies”) announced a coordinated consent order and settlement agreement with nonbank mor​tgage servicing companies (the “Companies”). This action came following a data breach that impacted 5.8 million customers, allegedly due to deficient cybersecurity practices, and for lack of cooperation with state regulators. The Companies are licensed as…

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