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ARTICLE · 17 APRIL 2024

NYDFS Cybersecurity Regulation Deadlines Approaching On April 15 And April 29

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On November 1, 2023, the New York State Department of Financial Services (NYDFS) amended its cybersecurity regulation, 23 NYCRR 500 (or Part 500). NYDFS has published guidance on the implementation...

United StatesTechnology
Trisha Sircar
Trisha Sircar
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On November 1, 2023, the New York State Department of Financial Services (NYDFS) amended its cybersecurity regulation, 23 NYCRR 500 (or Part 500). NYDFS has published guidance on the implementation timeline for key compliance dates for the various categories of entities impacted (including Small Businesses, Class A Companies and Covered Entities). In addition, NYDFS has published training materials and FAQs regarding the new requirements.

As of December 1, 2023, Small Businesses, Class A Companies, and Covered Entities were required to report cyber incidents, including ransomware attacks, to NYDFS.

The next major deadline is April 15, 2024, for compliance with section 500.17(b) of amended Part 500. This requires all companies to submit a Certification of Material Compliance or Acknowledgment of Noncompliance to the NYDFS. NYDFS has provided in its FAQs that if a "Covered Entity cannot certify that it was in material compliance with the Cybersecurity Regulation

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