Banking On Cybersecurity: New York State Introduces New Assessment Measures

The New York Department of Financial Services ("DFS") has joined the growing chorus of financial regulators expressing heightened concern for bank cybersecurity preparedness. On May 6, 2014 New York's Governor Andrew M. Cuomo released a 13 page "horizontal perspective" entitled Report on Cyber Security in the Banking Sector. The document is co-endorsed by Benjamin M. Lawsky, New York State's Superintendent of Financial Services. The report illustrates the growing risk and sophistication of cyber-attacks facing New York banks of all sizes and directs the DFS to regularly conduct targeted cybersecurity infrastructure assessments on the 154 banking entities within its purview. The report summarizes findings from a year-long survey of the same constituents.