Day

February 28, 2017

28 February 2017

NYDFS issues final cybersecurity regulations, setting new industry standard for cybersecurity controls

On February 16, 2017, the New York State Department of Financial Services (the “NYDFS”) issued its final regulations setting forth minimum requirements for NYDFS-regulated entities to address cybersecurity risk (“Final Regulations”).  The NYDFS issued the Final Regulations after considering feedback and criticism received during two comment periods  — one following the NYDFS’s initial publication of the proposed regulation (on September 13, 2016) and a second comment period after the NY DFS published a revised version of the regulation (on December 28, 2016.)

The Final Regulations will be effective as of March 1, 2017, with a transitional period of 180 days from that date for Covered Entities to comply with the Final Regulations, except for certain enumerated provisions for which longer compliance periods are specified.  The annual certification of compliance (covering the prior calendar year) will be required beginning on February 15, 2018.

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