After surveying nearly 200 regulated financial institutions to obtain insight into the industry’s efforts to prevent cybercrime and meeting with a cross-section of those surveyed, as well as cybersecurity experts, to discuss emerging trends and risks, as well as due diligence processes, policies and procedures governing relationships with third party vendors, the New York State Department of Financial Services (NYDFS) recently released its proposed cyber security regulation.  The proposed regulation, titled “Cybersecurity Requirements for Financial Services Companies”, if implemented, would be a first-in-the-nation provision that requires a mandatory cybersecurity program for financial institutions.…

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