Tag Archives: cybersecurity regulations

New Cyber Rules for New York-Based Banking, Insurance and Financial Service Firms Have Far-Reaching Effects

In potentially the most significant state-level expansion of data security obligations since the 2010 promulgation of Massachusetts state-wide rules for protecting personal information of individual state residents, the New York State Department of Financial Services (NY DFS) finalized new Cybersecurity Regulations effective as of March 1, 2017 (NY Cyber Rules), with some additional time afforded to achieve full compliance. The NY Cyber Rules impose detailed data protection requirements on virtually all New York banking, insurance and financial services firms. These obligations operate in parallel with, and in addition to, federal Gramm Leach Bliley data security protections applicable to financial institutions and other federal data security laws.

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