CSBS And NYDFS Issue Cyber Security Guidance For Banks

The Conference of State Bank Supervisors (the "CSBS") and the New York Department of Financial Services (the "NYDFS") recently issued valuable guidance for financial institutions regarding cyber security. On December 10, 2014, the NYDFS issued a guidance letter to all NYDFS-regulated banks outlining the issues and factors on which banks will be evaluated during new, targeted cyber security preparedness assessments as part of routine information technology examinations (the "Guidance Letter"). On December 17, 2014, the CSBS issued "Cybersecurity 101: A Resource Guide for Bank Executives," a non-technical resource guide designed for chief executive officers, senior executives and board members (the "CSBS Resource Guide").