New York State Department of Financial Services Extends Deadline for Certification of Compliance Filings

Akin Gump Strauss Hauer & Feld LLP

Akin Gump Strauss Hauer & Feld LLP

NYDFS Extends Deadline to File Certificate of Compliance Under Cybersecurity Regulation in Light of COVID-19 Crisis

Given the ongoing COVID-19 pandemic, the New York State Department of Financial Services (NYDFS) extended the deadline for covered entities to submit their certifications of compliance for calendar year 2019 under 23 NYCRR 500, or the Cybersecurity Regulation. The new deadline is June 1, 2020.

Under Section 500.17, covered entities are required to annually submit to NYDFS a written statement certifying that they were compliant with the Cybersecurity Regulation for the prior calendar year. Covered entities must maintain records supporting the certification for five years.

Covered entities that are exempt from certain sections of the Cybersecurity Regulation are required to provide NYDFS notice of their exempt statute. Those covered entities that previously filed a notice of exemption do not need to file new notices, although any change in status should be reported (e.g., if a previously exempt entity is no longer exempt).

Covered entities can submit their certification of compliance filings online via the NYDFS Cybersecurity Portal located here.

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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