Feb 8, 2017

Take PIANY Two-Minute Survey on how NYDFS cybersecurity regulations affect you

PIANY is conducting a Two-Minute Survey this month to assess how the New York State Department of Financial Services proposed cybersecurity will affect members.

As PIA reported, the NYDFS has published cybersecurity requirements for financial services companies. The purpose of the proposed rules is to require effective cybersecurity to protect consumers and ensure the safe and sound operation of department-regulated entities. The proposed rules incorporate an exemption for covered entities with a specified number of employees and include enhanced definitions (including a definition of Third Parties) and a broad phasing-in of the requirements of the regulation. The new regulation also promises to be more flexible and risk-based with many requirements tied to an entity’s individual risk assessment.

The proposed rule will be effective Wednesday, March 1, 2017, and covered entities will be required to annually prepare and submit a certification of compliance commencing Feb. 15, 2018.

PIANY’s Two-Minute Survey for February asks you three questions to see how these regulations will affect your agency. The survey includes the following: Does your agency have fewer than 10 employees? Yes | No