NYDFS Issues Guidance For Individual Filers

On March 23, 2018, the New York Department of Financial Services (DFS) issued two additional frequently asked questions and responses (FAQs) relating to its new cybersecurity regulation (Part 500). Part 500, several provisions of which became effective on March 1, 2017, has garnered widespread attention from banks, insurance companies and other financial services firms. Covered Entities were required to submit the first annual certifications of compliance to the DFS by February 15, 2018.  On March 2, 2018, many Covered Entities, as well as certain of their employees, agents and representatives who are also Covered Entities, were notified of their failure to file a certification of compliance with the DFS. The two new FAQs supplement FAQs released previously to guide affected institutions.