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ARTICLE · 12 APRIL 2017

New York State Cybersecurity Regulation For Financial Institutions

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On March 1, 2017, the New York State Department of Financial Services' Cybersecurity Requirements for Financial Services Companies (the "Regulation") came into effect.

CanadaFinance and Banking
Bradley Freedman
Bradley Freedman
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On March 1, 2017, the New York State Department of Financial Services' Cybersecurity Requirements for Financial Services Companies (the "Regulation") came into effect. The Regulation establishes minimum cybersecurity standards for banks, insurance companies and financial services companies regulated by New York State law to ensure the safety and soundness of regulated entities and to protect their customers. The Regulation is a helpful benchmark for Canadian organizations of all kinds and sizes.

Overview

The stated purpose of the Regulation is to protect New York State's financial services industry and consumers from the "ever-growing threat of cyber-attacks". The Regulation requires each regulated entity to assess its cybersecurity risk profile and design a program that addresses relevant cybersecurity risks in a robust fashion. The Regulation urges regulated entities to "move swiftly and urgently to adopt a cybersecurity program". The Regulation requires a

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