New York Department of Financial Services Previews Rigorous Cybersecurity Rules for Financial Sector
H. Deen Kaplan, Harriet Pearson, Timothy Tobin, and Stephanie Handler write:
On November 9, 2015, Anthony Albanese, Acting Superintendent of the New York State Department of Financial Services (NYDFS), issued a letter to a wide array of federal and state financial services regulators that are part of the Financial and Banking Information Infrastructure Committee (FBIIC). The FBIIC members work together to enhance the reliability and security of financial sector infrastructure. Mr. Albanese’s letter outlines potential new cybersecurity regulations that would impact NYDFS-regulated financial institutions. The letter, which follows numerous steps taken by the NYDFS in recent years to better understand and mitigate cybersecurity risks, further positions the NYDFS as a leading regulator on cybersecurity issues in the U.S., particularly with respect to the financial sector. While no precise timeline was specified for enacting the potential regulations outlined, it appears likely that the NYDFS may formally propose comprehensive cybersecurity regulations in the months ahead.
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