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New York eases proposed cyber regulations after industry complaints

Publisher: Rueters
December 28, 2016

Jed Davis was quoted in a breaking news article, "New York eases proposed cyber regulations after industry complaints," published by Reuters. The article reports on the much-anticipated release by the New York State Department of Financial Services on December 28 of revised cybersecurity regulations, slated to go into beginning March 1, 2017, with phase-in over the next two years. These provisions will govern the thousands of firms nationwide that NYDFS licenses to conduct bank-and insurance-related businesses in New York. As the article details, the rules, while retrenching slightly from a version issued last September, set stringent standards for protection of customer data, and of the businesses' information networks and systems from hackers and accidental leaks, as well for the reporting to DFS of actual breaches, detected risks and remedial action. "Many organizations are going to have a lot of work to do to come into compliance with these revised regulations," Davis said.


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