New York State DFS Continues Moving Forward With New Cybersecurity Regulations

Keywords: Cybersecurity standards, DFS, FBIIC, new regulations

Following up on its promises to "move forward on regulations strengthening cybersecurity standards for banks' third-party vendors" and to "expand its information technology examination procedures to focus more attention on cybersecurity" the New York State Department of Financial Services ("DFS") issued a letter on November 9, 2015, to the Financial and Banking Information Infrastructure Committee ("FBIIC") announcing that the DFS is considering proposing new regulations to establish cybersecurity standards for financial institutions and inviting key federal and state regulators to collaborate in creating these "new, strong cybersecurity standards." The FBIIC is a coordinating body compromised of the key federal and state banking, insurance, and securities regulatory agencies.