On March 1, 2017, the New York State Department of Financial Services (DFS) enacted new cybersecurity regulations for Financial Services Organizations. The new regulations not only affect Financial Services Organizations that reside in the state of New York, but also any Financial Services Organizations that are doing business in the state. The new rules require such organizations to regularly assess their online risks, implement a thorough cybersecurity plan, and evaluate risks that may arise from partnering with a third-party vendor.
The new cybersecurity requirements must be implemented by August, 28th, 2017 and organizations must submit a Certification of Compliance by February 15, 2018. Affected organizations include, but are not limited to, Private, Foreign or State-Chartered Banks, Lenders, Insurance Companies and Mortgage Companies
If you need to get certified for compliance, or want to obtain a free checklist of items required for compliance, please contact us by filling out the form here and one of our cybersecurity team members will get back to you within 24 hours.
To learn more about the regulation, please visit https://www.dfs.ny.gov/docs/legal/regulations/adoptions/dfsrf500txt.pdf