Privacy & Cybersecurity Newsletter

New York’s Cybersecurity Requirements for DFS Licensees: A New Item at the Top of the To Do List -

With a compliance date a few months away, licensees of the New York Department of Financial Services (DFS) must start taking action in response to coming cybersecurity requirements, which will be more onerous and difficult than any existing requirements in the United States. Even though the revised proposed regulation, published December 28, 2016 and available here, is open for comment until January 27, 2017, the DFS will focus on new comments that were not raised in the original comment period. As the original comment drew 150 comments addressing nearly every aspect of the proposed regulation, it is unlikely that new comments will result in further substantive changes that would justify delaying a licensee’s planning. This article identifies who will be subject to the new requirements, what is required and by when, and what steps should be taken to comply.

The new requirements deserve attention from persons and companies in the banking, insurance, securities and other regulated financial industries, as it is likely that other states will look to the New York requirements as a model. The New York requirements also serve as a new and robust checklist for any business to consider for improving its cybersecurity risk profile.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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