New York Department of Financial Services Finalizes Amendments to Cybersecurity Regulation
November 7, 2023
On November 1, the New York Department of Financial Services (“DFS” or the “Agency”) announced finalized amendments to its Cybersecurity Regulation applicable to DFS-regulated entities.
The finalized amendments to the Cybersecurity Regulation (the “Amendments”) contain significant revisions designed to mandate preventative measures to address common attack vectors and enhance cybersecurity governance, bringing more formality and uniformity to the assessment and mitigation of a covered entity’s specific cybersecurity risks. The Amendments may also portend future changes to cybersecurity regulations outside of DFS, as the original DFS Cybersecurity Regulation influenced many existing cybersecurity requirements in other areas of the law.