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Final NYDFS Cybersecurity Regulations Announced

New York Governor Andrew Cuomo recently announced final first-in-the-nation cybersecurity regulations that took effect on March 1, 2017. New York’s Department of Financial Services (NYDFS) will administer these rules. NYDFS first issued proposed cybersecurity rules on September 13, 2016, and issued a revised version of the rules on December 28, 2016. The final rules, issued on February 16, 2017, largely resemble the revised version of the rules issued on December 28.

While many entities potentially subject to the NYDFS rules are already required to comply with the Gramm–Leach–Bliley Act and other federal regulations and guidance in the area of information and cybersecurity, the NYDFS rules are highly prescriptive, detailed and far-reaching in scope. And while these rules are rightfully described as “first-in-the-nation,” it is possible other states will follow New York’s lead and implement similarly prescriptive cybersecurity rules or follow its more expansive approach to cybersecurity regulation by covering, for example, business-related information and notification for security incidents with an operational impact.

News Characteristics

Date : Mar 09, 2017
Region : North America
Industry : Banks
Function : Risk Management
Sub-Function : Cyber Risk