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December 27, 2016

27 December 2016

NYDFS to Delay New Financial Cybersecurity Rules

After having received over 150 comments on proposed cybersecurity regulations, the New York Department of Financial Services will delay implementation and initiate a new round of notice and comment on a further revised version of cybersecurity regulations. As we reported previously, NYDFS proposed new cybersecurity regulations for the financial sector in September of this year, and the comment period closed mid-November. NYDFS previously announced that the new rules would be effective January 1, 2017 and that covered entities would have 180 days to comply. Reuters reports that NYDFS will now publish a further revised version of proposed regulations on December 28 for public comment with a new effective date of March 1, 2017.

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