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2023 Updates to NYDFS Cybersecurity Regulation for Financial Institutions

Effective November 2023, the New York Department of Financial Services has amended the NYDFS Cybersecurity Regulation (23 NYCRR 500), setting enhanced cybersecurity benchmarks for financial institutions.

This update builds upon the original, landmark regulations from 2017. At that time, the regulations mandated detailed rules for cyber risk assessment, attack detection, enhanced protection implementation, and recovery planning. They also required financial ...

Meta Faces Multi-State Lawsuit in the U.S.

Meta, the parent company of Facebook, Instagram, WhatsApp, and Messenger, was sued by 33 states in the U.S., led by Colorado and California. The states allege that Meta knowingly exploited features on Instagram and Facebook to draw children to its platforms, violating consumer protection laws and the federal Children’s Online Privacy Protection Act (COPPA). The lawsuit accuses Meta of having ...

New OpenAI Product, Competition Concerns and Legal Battles Over Privacy and Copyright

OpenAI Launches Safety-Featured DALL·E 3 in ChatGPT. OpenAI announced the launch of DALL·E 3 Generative-AI based image creator, able to “create unique images from a simple conversation”. Currently, the feature is available only to ‘Plus’ and ‘Enterprise’ users, and not in the free version of ChatGPT.

According to OpenAI, DALL·E 3 “is particularly good in responding to extensive, detailed prompts”, ...

Global Initiatives in the Regulation of AI

The G7 leaders, under the auspices of the Hiroshima process, the Organization for Economic Co-operation and Development (OECD), and the Global Partnership on Artificial Intelligence (GPAI), have endorsed a set of global standards for the ethical development of advanced AI systems by organizations, adaptable across sectors and regions. This alignment underscores a worldwide commitment to responsible AI innovation.

The G7 ...

Israeli Emergency Regulations on Severe Data Incidents

The Israeli government has promulgated emergency, wartime regulations to address severe cybersecurity incidents in the digital services and hosting sector in Israel. The regulations authorize the Israeli National Cyber Directorate, the Cyber Threats Division of the Israeli Security Agency (also known as “Shabak”), and the Chief of Security at the Defense Establishment in Israel, to issue directives to digital services ...

Biden Issues First Executive Order on AI

President Joe Biden announced a groundbreaking executive order on artificial intelligence (AI). The order emphasizes safety evaluations and equitable practices. It also delves into AI’s ramifications on the job market. It mandates large companies to share their AI systems’ safety test results with the government before any official release. It also addresses the use and sourcing of training data for ...

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