Earlier this month, the new cybersecurity regulation from the New York Department of Financial Services (“DFS“) took effect. The new regulation requires banks, insurance companies and other financial services institutions regulated by the DFS to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New
On December 28, 2016, the New York State Department of Financial Services (NYDFS) updated its proposed cybersecurity regulation to protect New York State. The proposed regulation is effective March 1, 2017, and requires banks, insurance companies and other financial services institutions regulated by DFS to establish and maintain a cybersecurity program designed to protect
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er 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.Continue Reading New York Department of Financial Services Proposes Cybersecurity Requirements
