The New York Department of Financial Services (“NYDFS”) recently posted a request for public comment on a set of proposed amendments to NYDFS’ current “Cybersecurity Requirements for Financial Services Companies” (“Regulations”).[1] The amendments to the Regulations (“Pre-Proposal Amendments”) are in the “pre-proposal” phase, meaning that the NYDFS will issue official proposed amendments in the near future. Once official proposed amendments are issued, a 60-day public comment period starts, which means that amended Regulations likely will take effect sometime in 2023. In the meantime, entities subject to the Regulations should review the Pre-Proposal Amendments to help ensure sufficient time and resources to implement new requirements.
As background, the Regulations became effective on March 1, 2017, but followed a phased implementation process. The Regulations apply to all entities licensed by the NYDFS (“covered entities”), including banks, insurance companies, money transmitters and other financial services firms doing business in New York. The last phase of the Regulations was implemented in March 2019, at…
