On December 28, 2016, the New York State Department of Financial Services (NYSDFS) reproposed its first-in-the-nation cybersecurity regulation to protect New York State from the threat of cyber-attacks. The proposed regulation, which will be effective March 1, 2017, will require banks, insurance companies and other financial services institutions regulated by NYSDFS to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State's financial services industry.
The NYSDFS considered comments submitted regarding the previously proposed regulation during a 45-day comment period, which ended on November 14, 2016, and has incorporated appropriate comments in the updated regulation that will be subject to an additional final 30-day notice and public comment period. The NYSDFS will focus its final review on any new comments that were not previously raised in the original comment process.
The reproposed regulation is available at: http://www.dfs.ny.gov/legal/regulations/proposed/rp500t.pdf.
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