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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2 comments to “New York Department of Financial Services Previews Rigorous Cybersecurity Rules for Financial Sector”

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  1. Eric Pearson - December 1, 2015

    The NYDFS apparently has a tradition of drafting letters and holding press conferences stating they are leading the charge and in reality they are always about a year behind!!!! The FFIEC started this initiative in 2013. It’s really sad that they are in the epicenter of US currency and always look like the B-team.

  2. IA Eng - December 2, 2015

    The reason for this is – the potential of gloom and doom for the rest of the world. The foreign markets aren’t the most stable. USA is FIANLLY waking up from its self induced global hangover and is fixing issues. That means there will be less stolen cash that is outbound in the millions of dollars range. Thats good news for the USA but BAD news for places like China and Russia. They can use the words “cyber mafia” “cyber crminals” and all the others out there, but I clearly believe the money feeds the highly unstable governments that simply need it to keep afloat.

    I see in the not too distant future, a major financial issue with several other entities. Its a matter of time. Look at what the area of NYC produces in revenue in a year – It only makes sense to shore up the biggest financial area in the USA. LosAngeles should do the same on the left coast.

    Let the communist crooks go suck funds from some one else.

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