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cybersecurityThe question gets asked quite frequently in regulatory circles: “Will the New York State Department of Financial Services bring an enforcement action under its cybersecurity regulation, and if so, when?” The probable answers are “yes” and “soon.” As discussed below, a number of traditional factors that animate decisions about enforcement point to a likelihood in the near term of an enforcement proceeding against one or more regulated entities for a violation of the DFS cybersecurity regulation, known as “Part 500.” (23 N.Y.C.R.R. §500.)

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