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New York State Department of Financial Services Proposes More Changes to Its Cybersecurity Requirements

Pratt’s Privacy & Cybersecurity Law Report

In this article, the authors discuss a second amendment proposed by the New York State Department of Financial Services to its Cybersecurity Requirements for Financial Services Companies.

The New York State Department of Financial Services (NYDFS) has released its proposed second amendment to its Cybersecurity Requirements for Financial Services Companies (Part 500), which includes heightened cybersecurity requirements for some companies, new security event reporting requirements, and mandated multi-factor authentication for remote access to systems. The newly proposed amendment follows up on the NYDFS’ pre-proposal outreach from earlier last year.

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“New York State Department of Financial Services Proposes More Changes to Its Cybersecurity Requirements,” by Scott D. Samlin and Daniel V. Funaro was published in the May 2023 edition of Privacy & Cybersecurity Law Report (Vol. 9, No. 4), an A.S. Pratt Publication, LexisNexis. Reprinted with permission.

This article was first published as a Blank Rome Financial Institutions Litigation and Regulatory Compliance client advisory in December 2022.