New York State Department of Financial Services Revises Proposed Cybersecurity Regulations
On December 28, 2016, the New York State Department of Financial Services (“DFS”) released a revised version of proposed regulations that would create new cybersecurity standards and reporting guidelines for DFS-regulated banks, insurance companies, and other financial services institutions (e.g., licensed nonbank lenders, mortgage companies, money transmitters). These revisions follow the conclusion of a public comment period on the DFS’s initial proposal from September, which was characterized by some commenters as “one-size-fits-all” in nature and too prescriptive. DFS invites comments on this version by January 27, 2017.