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ARTICLE · 06 DECEMBER 2016

NY Financial Services Companies' 2017 Resolution: Cybersecurity

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The New York State Department of Financial Services (DFS) made headlines back in late September with a "first-in-the-nation" piece of legislation aimed at mandating specific cybersecurity protocols for banks...

United StatesFinance and Banking
Aaron Tantleff
Aaron Tantleff
Steven Millendorf
Steven Millendorf
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The New York State Department of Financial Services (DFS) made headlines back in late September with a "first-in-the-nation" piece of legislation aimed at mandating specific cybersecurity protocols for banks, insurance companies, and other financial services institutions (Regulations). As the 45-day notice and public comment period recently closed, the Regulations, if adopted, will take effect January 1, 2017, and "covered entities" will have 180 days to comply. Even those companies with cybersecurity programs in place will still need plans for compliance under the new Regulations. Additionally, while New York may be the first state to issue a set of regulations of this kind, it is unlikely to be the last.

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