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ARTICLE · 11 JULY 2023

NYDFS Expands Cybersecurity Requirements For Licensed Financial Services Companies

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On June 28, 2023, the New York Department of Financial Services ("NYDFS") published updated proposed amendments to its cybersecurity regulation (the "2023 Proposal") applicable to...

United StatesTechnology
Justin Herring
Justin Herring
Jeffrey Taft
Jeffrey Taft
Stephen Lilley
Stephen Lilley
Matthew Bisanz
Matthew Bisanz
Lawrence Hamilton
Lawrence Hamilton
Julyana C. Dawson
Julyana C. Dawson
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On June 28, 2023, the New York Department of Financial Services ("NYDFS") published updated proposed amendments to its cybersecurity regulation (the "2023 Proposal") applicable to "covered entities." 1 Covered entities are any person operating under, or required to operate under, a license, registration, charter, certificate, permit, accreditation or similar authorization under the New York Banking Law, Insurance Law or Financial Services Law. These updated amendments come after comments from industry groups and other stakeholders to the NYDFS's proposed revisions that were published on November 9, 2022 (the "2022 Proposal"). 2 Comments on the 2023 Proposal may be submitted until August 14, 2023.

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