New York State DFS Issues Updated Proposed Cybersecurity Regulation

The New York State Department of Financial Services has updated its proposed cybersecurity regulation to protect New York State from the threat of cyber-attacks.

The proposed regulation, which serves as the first of its kind in the nation, will be effective March 1, 2017. It will require 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 York State’s financial services industry.

The DFS stated in a press release that it carefully considered all comments submitted regarding the proposed regulation during the 45-day comment period, which ended on Nov. 14, 2016. It incorporated the suggestions that it deemed appropriate in an updated draft subject to an additional final 30-day comment period. It will focus its final review on any new comments that were not previously raised in the original comment process.

The updated proposed regulation, which was submitted to the New York State Register on Dec. 15, 2016, and published Dec. 28, 2016, will be finalized following a 30-day notice and public comment period.

Source: New York State Department of Financial Services Press Office

Topics Cyber Legislation New York