The New York Department of Financial Services (NYDFS) presented new amendments last month to help “ratchet up” its cybersecurity requirements for financial institutions headquartered in the state, signaling potential heightened regulations for all U.S. banks.
New York has long been a pacesetter in terms of “codifying” cybersecurity and other regulatory rules for financial institutions. Even going back to 2015, New York state has taken a leading role in setting cybersecurity regulations and guidance for financial institutions. In 2017, the NYDFS took a “catalytic” role in settling cybersecurity rules and guidance.
“The cybersecurity landscape has evolved in the past five years, and the Draft Amendments demonstrate that DFS continues to take a forward-leaning role in strengthening cybersecurity practices,” according to a blog post on the Gibson Dunn website.
The recent NYDFS proposals increased expectations for senior leaders, heightened technology requirements, an expanded set of events covered under the…
