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ARTICLE · 10 AUGUST 2022

NYDFS Proposed Amendments To Its Cybersecurity Rules

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On July 29, the New York Department of Financial Services (NYDFS) released Draft Amendments to its Part 500 Cybersecurity Rules that include a number of significant amendments to the rules...

United StatesTechnology
Patrick H. Haggerty
Patrick H. Haggerty
Elise R. Elam
Elise R. Elam
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On July 29, the New York Department of Financial Services (NYDFS) released Draft Amendments to its Part 500 Cybersecurity Rules that include a number of significant amendments to the rules, including notification requirements such as a mandatory 24-hour notification for cyber ransom payments, specific requirements for newly defined larger entities, increased expectations for oversight of cybersecurity risk, additional requirements for incident response plans (IRPs), business continuity and training, risk assessments, and new technical requirements. The Draft Amendments can be found here. The 10-day pre-proposal comment period would have ended today, Aug. 8, 2022, but NYDFS has extended the comment period for an additional 10 days, with a new deadline of Aug. 18, 2022. The official proposed amendments will be published following the comment period.

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