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ARTICLE · 03 MARCH 2017

It's March 1: The Cybersecurity Goal Post Has Been Moved

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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In an effort to combat the growing prevalence of large-scale corporate cyberattacks, the NYDFS is rolling out a revamped cybersecurity regulation for financial services companies to take effect...

United StatesFinance and Banking
Cynthia Larose
Cynthia Larose
Joanne Dynak
Joanne Dynak
Michael Katz
Michael Katz
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In an effort to combat the growing prevalence of large-scale corporate cyberattacks, the New York Department of Financial Services ("NYDFS") is rolling out a revamped cybersecurity regulation for financial services companies to take effect TODAY (March 1, 2017). This ambitious regulation is broadly drafted and carries a heavy compliance burden intended to protect consumers and ensure the safety and soundness of New York State's financial services industry. Even if you are not directly in banking or insurance, read on to see how these regulations may affect your company.

Overview of the regulation

The detailed cybersecurity law arrives after some initial delays and is the result of multiple rounds of revisions and extensive input from financial industry groups. The text of the Cybersecurity Requirements for Financial Services Companies (the "Regulation") is available here.

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