Preview of The Defense: First American Title Offers Its Defense to the NYDFS Enforcement Action in Earnings Call

Update re the NYDFS charges against First American Title concerning alleged violations of the Cybersecurity Regulation: the insurer previewed its defense in an earnings call on July 23, 2020: “In March, the Nebraska Department of Insurance, the primary regulator of our Title Insurance Company, led an examination of our information security program as of June 30, 2019, and our response to the information security incident. The resulting report concluded that our IT general control environment is suitably designed and is operating effectively and that we adequately and appropriately detected, analyzed, contained, eradicated and recovered from the security incident and that we are in compliance with New York’s cybersecurity requirements for financial services companies….The New York Department of Financial Services, notwithstanding the compliance finding in the examination report…has alleged violations of New York’s cybersecurity requirements….We intend to conduct a vigorous defense, which will focus on, among other matters, the examination report and at the conclusion regarding our compliance with New York’s cybersecurity requirements.”

The transcript of the call published by The Motley Fool can be found here: