NY Life Settlement And Cybersecurity Compliance

Locke Lord Partner Ted Augustinos (Hartford), Partner Brian Casey and Of Counsel Thomas Sherman (both of Atlanta) co-authored an article detailing the steps that life settlement providers and brokers licensed by the New York Department of Financial Services (NYDFS) must take in order to comply with the new NYDFS cybersecurity regulations. The article examines the compliance requirements under the regulation and immediate actions that covered entities should take in order to meet the compliance date of Sept. 1, 2017. 

The authors note that “other states and perhaps even the federal government may look to the NYDFS regulation as a standard and model for minimum cybersecurity requirements for businesses operating in the financial services and insurance industries,” so the information included is pertinent to participants in the life settlement industry outside of New York as well. 

To read the full article, visit Law360 (subscription may be required).