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January 5, 2017

05 January 2017

NYDFS Revises Cybersecurity Regulations Incorporating Risk-Based Approach; Maintains Prescriptive Requirements and Certifications

On December 28, 2016, the New York State Department of Financial Services (the “NYDFS”) issued revised proposed regulations setting forth minimum requirements for NYDFS-regulated entities to address cybersecurity risk (“Revised Proposed Regulations”).  The NYDFS issued the Revised Proposed Regulations after considering feedback and criticism submitted during a 45-day comment period to address the initial proposal, issued on September 13, 2016.  The agency has announced an additional and final 30-day comment period from the date of publication to address new comments not previously raised in the original comment process.

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