Yesterday, it was reported that the New York Department of Financial Services (“NYDFS”) will give financial institutions an additional 2 months to comply with its new cybersecurity regulations. That would make the effective date of the regulations March 1, 2017. A revised proposal is expected to be filed with the NY State Register before the New Year. Formal publication in the Register is required before the rules can go into effect. There has been no confirmation of how this change in the effective date will affect compliance, and compliance reporting, deadlines.

DWT previously described the expected impact of the NYDFS rules.