Technology

S 804 amends New York's data breach notification law to clarify when and how financial institutions must notify the Department of Financial Services (DFS) after a breach affecting New York residents. It requires covered financial institutions (as defined by current DFS rules) to provide DFS with details about the breach - including timing, content, and number of affected people - without delaying direct notifications to consumers. The bill specifies that this notification to DFS is only mandatory for financial institutions, not all businesses, and must follow existing DFS reporting rules (23 NYCRR 500.17). The law, signed as Chapter 91 on February 14, 2025, streamlines reporting for regulated financial entities while maintaining direct consumer notification timelines.