What Covered Financial Entities Need to Know About New York’s New Cybersecurity Regulations

Cybersecurity regulations from the New York State Department of Financial Services took effect on March 1, 2017. The scope of the regulations, which apply to financial institutions, insurance companies, and other financial services firms licensed by the State of New York, was narrowed to a degree following numerous industry comments on the proposed draft. This guest article by James Kaplan and Moein Khawaja, partner and associate at Quarles & Brady, explains the new requirements and changes from previous versions, and provides guidance regarding the implementation of the regulations and best cybersecurity practices related to the current regulatory environment. They also predict what future regulation might look like in this area. See also “Preparing to Meet the Deadlines of DFS’ Revised New York Cybersecurity Regulation” (Jan. 25, 2017).

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