NYDFS and Residential Mortgage Services Reach $1.5 Million Settlement over Data Security Regulation Violations

    On March 3, 2021, the New York Department of Financial Services (NYDFS) and Residential Mortgage Services, Inc. reached a settlement agreement over a 2019 data breach dispute, in which Residential Mortgage Services allegedly violated the NYDFS Cybersecurity Regulation when unauthorized access to an employee’s email account exposed sensitive and personal data of mortgage loan applicants.

    Residential Mortgage Services agreed to pay $1.5 million for data security and data breach violations, and will initiate improvements to its current security programs in order to meet compliance with the NYDFS Cybersecurity Regulation.

    Read more at the National Law Review

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