New York is poised to become the first state in the nation with comprehensive cybersecurity regulation and reporting requirements applicable to the entire financial services industry, with only very limited exemptions. 23 NYCRR 500 (the Regulation) will require banks, insurance companies, and other financial institutions regulated by the New York State Department of Financial Services (DFS) to establish and maintain a cybersecurity program designed to protect consumers and the stability of New York's financial services industry.
New York State's Financial Services Cybersecurity Regulation
The Regulation was designed to promote the protection of customer information as well as the underlying information technology systems of regulated entities in light of the ever-increasing threat of cyber attacks.
By
Elizabeth B. Vandesteeg and Kathryn C. Nadro
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