New Financial Cybersecurity Laws

Governor Andrew M. Cuomo announced the first-in-the-nation cybersecurity regulation to protect New York’s financial services industry and consumers from the ever-growing threat of cyber-attacks.

The regulations taking effect March requires banks, insurance companies, and other financial services institutions regulated by the Department of Financial Services to establish and maintain a cybersecurity program designed to protect consumers’ private data and ensure the safety and soundness of New York’s financial services industry.

The final risk-based regulation includes certain regulatory minimum standards while encouraging firms to keep pace with technological advances.