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ARTICLE · 01 JUNE 2018

New York's New Cybersecurity Rules: Will DFS Rule The Financial Services Cyberworld?

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This month, the long-gestating regulation from the New York Department of Financial Services (DFS) mandating that extensive cybersecurity measures be taken by New York-licensed insurance companies ...

United StatesTechnology
Matthew Gaul
Matthew Gaul
Bruce Baty
Bruce Baty
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This month, the long-gestating regulation from the New York Department of Financial Services (DFS) mandating that extensive cybersecurity measures be taken by New York-licensed insurance companies and banks, as well as other financial services companies regulated by DFS, including, agents, brokers, adjusters, registered service contract providers, licensed reinsurance intermediaries, licensed life settlement providers, licensed life settlement brokers and licensed insurance consultants, took effect. DFS had first proposed the rule last September and significantly revised it, after considerable public comment.

What does the regulation require?

In summary, the regulation, which is set forth at 23 N.Y.C.R.R. Part 500, requires all non-exempt licensees and registrants to take the following steps to protect "nonpublic information"1:

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