NYDFS Issues Cybersecurity Guidance In Response To Events In Ukraine

In light of Russia's recent military actions in Ukraine, the New York Department of Financial Services issued guidance on its cybersecurity and virtual currency regulations. The Department is specifically concerned about heightened risk for Russia's cyberattacks against Ukraine, which could in turn lead to retaliatory attacks against U.S. critical infrastructure due to U.S. sanctions against Russia.

The Department clarified that regulated entities should comply with U.S. sanctions on Russia, but should take measures to mitigate potential security risks. The following includes some recommendations to mitigate increased cyber threats:

• Review cybersecurity programs with a particular eye on security hygiene measures, such as multi-factor authentication;