Are New York’s Cyber Regulations a “Game Changer” for Hedge Fund Managers?

Experts caution that the New York State Department of Financial Services’ cybersecurity regulations are relevant beyond the covered entities to hedge fund managers, for example, because compliance with the regulations may become the “gold standard.” Some state organizations, such as the Colorado Division of Securities, have already proposed similar rules following New York’s lead. Panelists at the recent Alternative Asset Management Symposium sponsored by Crystal & Company highlighted the key provisions and discussed how they may affect alternative asset managers and their service providers. The experts from Crystal, Brown Rudnick, Mullen Coughlin, Charles River Associates and Prosek Partners addressed the impact of the regulations, including the CISO’s role, third-party vetting and potential enforcement. See “What Covered Financial Entities Need to Know About New York’s New Cybersecurity Regulations” (Mar. 8, 2017).

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