FEB 15, 2018 DEADLINE: SUBMIT ANNUAL CERTIFICATION OF CYBERSECURITY COMPLIANCE.
Last year, New York State passed legislation that requires financial organizations to implement specific cybersecurity assurances to their systems.
According to NYS DFS, this regulation covers all entities operating under DFS licensure, re; banks, insurance companies and other financial institutions subject to NYS DFS jurisdiction, as well as unregulated third party service providers to regulated entities.* These organizations are now required by law to implement a cybersecurity program to protect their sensitive data and submit annual certification of compliance BY FEB 15, 2018.
New York State is the first to act and its new regulation establishes requirements that go beyond federal requirements in many important areas. According to The National Law Review, “The new regulation will be felt far beyond the state of New York and will likely become the baseline standard for the financial services industry.”
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As always, contact us with any questions about this NYS DFS compliance law or any cybersecurity questions you may have.
*Financial services firms with fewer than 10 employees, less than $5 million in gross annual revenue for three years, or less than $10 million in year-end total assets are exempt.
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