New York Creates Cybersecurity Division to Protect Against Cyber Threats

Morgan Lewis
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Morgan Lewis

New York has increased its effort to enforce cybersecurity by creating a new unit designed to combat cybercrime and protect individuals’ sensitive data from attacks.

On May 22, New York appointed former federal prosecutor Justin Herring to lead the state’s newly created Cybersecurity Division at the New York Department of Financial Services (DFS).

New York has long been at the forefront of cybersecurity among states. In February 2017, New York was the first state to set cybersecurity standards and regulations by establishing the NYDFS Cybersecurity Regulation (23 NYCRR 500), which placed cybersecurity requirements on all covered financial institutions. The Cybersecurity Division has been formed to oversee and enforce the 2017 cybersecurity regulation. With this latest move, New York is the only state in the country that has a banking and insurance regulator exclusively designated to protect consumers and companies from the ever-increasing risk of cyber threats.

In addition to enforcing the 2017 cybersecurity regulations, the new Cybersecurity Division will advise on cybersecurity examinations, issue guidance on DFS’s cybersecurity regulations, conduct cyber-related investigations, and share threat information about cyberattacks with companies.

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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