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ALBANY -  Beginning Thursday, banking and insurance companies regulated by the New York Department of Financial Services had to file their first annual certification of compliance with the department’s cybersecurity regulations, which are expected to have national and global impact.

Feb. 15 marked the second major deadline for the state agency’s cybersecurity regulations, which requires banking and insurance companies doing business in New York to comply with groundbreaking rules aimed at deterring cyberattacks. A board member or senior officer at thousands of DFS-regulated entities has to certify that the company is in compliance with the security requirements established by the department, and must submit certification annually from now on. 

Mark Krotoski, a California-based partner at Morgan, Lewis & Bockius who advises clients on cybersecurity and privacy issues, said today’s deadline is “very significant in terms of the implementation” of the regulations.

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Josefa Velasquez

Josefa Velasquez is a regulatory and Court of Appeals reporter for the New York Law Journal based in Albany, N.Y. Contact Josefa Velasquez at [email protected] Twitter: @j__velasquez

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