News

Latest NY Cybersecurity Deadline for Banks, Insurers Takes Effect

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 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.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

Josefa Velasquez

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

More from this author

Recommended Stories

Don’t Blame the Victim: A Potential Defense for Ransom Payers and Facilitators after OFAC’s Ransomware Sanctions Facilitation Advisory

Michael A. Kleinman and Marc Schein |

While many commentators have reacted to the Advisory by stressing the importance of implementing robust screening and compliance measures and warning companies to do their best to avoid paying ransoms, the authors of this article focus on how to mount a defense to a potential sanctions enforcement action under the Advisory when some or all of those efforts have been taken to no avail.

General Counsel Conference Midwest: SuperConference 2021Event

GCC Midwest addresses today's legal issues facing companies by providing general counsel with insight and best practices.

Get More Information
 

General Counsel Summit (GCS) 2021Event

General Counsel Summit is the premier event for in-house counsel, hosting esteemed legal minds from all sectors of the economy.

Get More Information
 

More from ALM

 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Privacy Policy

About Us / Contact Us / Site Map / Advertise With Us/ Customer Service / Terms of Service/ FAQ / Privacy Policy

Publications

Law Topics

Rankings

More

Law.com

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.