Dec 272016

NYDFS to Delay New Financial Cybersecurity Rules

Colleen Theresa Brown and Clayton G. Northouse
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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.

Colleen Theresa Brown

Washington, D.C.

cbrown@sidley.com

Clayton G. Northouse

cnorthouse@sidley.com

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