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WBK Industry News - State Regulatory Developments

New York Department of Financial Services Publishes Cybersecurity Regulation

The New York Department of Financial Services (“NY DFS”) has published in the State Register the recently proposed first state regulatory code requiring financial services companies to comply with certain cybersecurity standards. Besides publishing the regulatory code in the State Register, this recent update elaborated on the limited exemptions to the regulation, including specifying covered entities under New York insurance law that do not control, generate, or receive nonpublic information as an exempt entity.

The entire NY DFS regulation may be found here: http://www.dfs.ny.gov/legal/regulations/adoptions/rf23-nycrr-500_cybersecurity.pdf.