Starting Jan. 1, New York’s New Guidelines for Cybersecurity Will Impact Banks, Insurers
In 2016, cyberattacks against banks revealed weaknesses in the security of the global banking system and created an ongoing concern for financial institution executives. This new year, bank compliance departments, which already contend with federal cybersecurity laws and industry-wide cybersecurity guidelines, will face the New York State Department of Financial Services’ (NYDFS) expansion of regulation into cybersecurity risk management. The proposed cybersecurity regulation, which is likely to come into effect in January, would apply to all entities licensed, required to be licensed, or subject to other registration requirements under New York banking, insurance or financial services laws.
