New York State Department of Financial Services (DFS) has updated its proposed firstin- the-nation cybersecurity regulation to protect New York State from the ever-growing threat of cyber-attacks. The proposed regulation, which became effective March 1, 2017, requires banks, insurance companies, and other financial services institutions regulated by DFS to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State’s financial services industry.

Highlights of New York Department of Financial Services revised cybersecurity regulation: