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ARTICLE · 16 AUGUST 2018

Are You Ready For The New York Cybersecurity Regulations' September 3rd Deadline?

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
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Frankfurt Kurnit Klein & Selz PC

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Financial institutions and insurance companies operating in New York have until September 3, 2018 to comply with the next phase of New York's Cybersecurity Regulations.

United StatesTechnology
Caren Decter
Caren Decter
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Financial institutions and insurance companies operating in New York have until September 3, 2018 to comply with the next phase of New York's Cybersecurity Regulations. Here's what you need to know to avoid regulatory scrutiny.

Who is covered? The New York State Department of Financial Services (NYDFS) Cybersecurity Regulations (23 NYCRR Part 500) impose rigorous cybersecurity measures for "Covered Entities" –e.g., insurance companies and agents, banks, credit reporting agencies, consumer lenders, mortgage brokers, and premium finance agencies that are operating, or required to operate, under a license, registration or similar authorization under New York's Banking, Insurance or Financial Services Laws. There are limited exemptions, including for small Covered Entities with fewer than 10 employees based in NY, less than $10 million in year-end total assets, or less than $5 million in gross annual revenue. While the regulations became effective on March 1, 2017, the

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