FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  FIRST NEW YORK SECURITIES LLC /NY
2. Date of Event Requiring Statement (Month/Day/Year)
12/30/2003
3. Issuer Name and Ticker or Trading Symbol
NETWORK 1 SECURITY SOLUTIONS INC [NSSI]
(Last)
(First)
(Middle)
850 THIRD AVENUE 17TH FLOOR
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

NEW YORK, NY 10022
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 566,700 (1)
D
 
Common Stock 150,000 (2)
D
 
Common Stock 50,000 (3)
D
 
Common Stock 32,200 (4)
I
See Footnote (4)
Common Stock 50,000 (5)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
FIRST NEW YORK SECURITIES LLC /NY
850 THIRD AVENUE 17TH FLOOR
NEW YORK, NY 10022
    X    

Signatures

/s/ Mario Maugeri, Director of Operations 03/22/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Securities owned by First New York Securities L.L.C.
(2) Securities owned by Jay Goldstein.
(3) Securities owned by Douglas Lipton.
(4) Securities owned by Mr. Lipton's wife.
(5) Securities owned by Michael Marvin.
 
Remarks:
The reporting persons have filed a joint Schedule 13G indicating ownership in the aggregate of more than 10% of the outstanding shares of common stock of the Issuer. Pursuant to Rule 16a-1(a)(4), the filing of this report shall not be deemed an admission that the reporting persons are the beneficial owners of more than 10% of the outstanding shares of common stock of the Issuer for purposes of Section 16 of the Securities Exchange Act of 1934, as amended.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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