New York's Cybersecurity Regulations for Financial Institutions & Health Care
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Patterson Belknap Webb & Tyler LLP
Cybersecurity is one of the most critical challenges facing our nation and our economy. U.S. regulators on both the state and federal level are working to keep pace with the challenges and risks posed by cybercrime.
On March 1, 2017, the New York State Department of Financial Services (DFS) issued a new cybersecurity regulation designed to protect financial institutions, their information technology systems, and their customers from cybercrime1. This “first-in-the-nation regulation” requires many of the more than 3,000 financial institutions, insurance companies, health plans, charitable institutions, and other organizations regulated by DFS to take a fresh and comprehensive look at their cybersecurity preparedness, governance, internal controls, and defenses. It applies directly to any entity operating with a “license … or similar authorization under [New York’s] Banking Law, the Insurance Law or the Financial Services Law”2, —including many foreign and out-of-state branches of DFS-regulated entities.
To view the full publication and gain valuable insight on how institutions may be affected by these new regulations, please HERE.