The New York State Department of Financial Services (NYDFS) on Wednesday fined Residential Mortgage Services (RMS), a licensed mortgage banker, $1.5 million for violating New York’s cyber-security regulation.
New York’s first-in-the-nation cyber-security regulation, which took effect in March 2017, is designed to address cyber-security threats and strengthen cyber-security and data protection processes by requiring clearly defined compliance standards, cyber-security controls, and the timely reporting of cyber-security events. The first charges filed under the regulation came in July 2020.
