New York’s Cybersecurity Requirements for Financial Services Companies

In 2017, the State of New York’s Department of Financial Services (“DFS”) adopted new requirements for financial services companies (“Covered Entities”)[1] to create and maintain robust cybersecurity policies and programs in a continuing effort to thwart cybercrimes and large scale cyber-attacks, address system vulnerabilities, and mitigate the effects of events that could compromise the security of personally identifiable information of clients.[2]

To read more, click here. 

Author: Core Compliance & Legal Services, Inc.; Editor: Tina Mitchell, Managing Director, Consultation Services; Core Compliance & Legal Services (“Core Compliance”).  Core Compliance works extensively with investment advisers, broker-dealers, investment companies, hedge funds, private equity firms and banks on regulatory compliance issues.

This article is for information purposes and does not contain or convey legal or tax advice. The information herein should not be relied upon in regard to any particular facts or circumstances without first consulting with a lawyer and/or tax professional.

 

[1] The DFS defines a “Covered Entity” to mean: “any Person operating under or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the Banking Law, the Insurance Law or the Financial Services Law.”

[2] 23 NYCRR Part 500.  See http://www.dfs.ny.gov/legal/regulations/adoptions/dfsrf500txt.pdf

 

Leave a Reply

Your email address will not be published. Required fields are marked *