News and publications
Oct 14, 2016
Cuomo's cybersecurity regulation likely to impact local businesses and institutions
According to an article in the Observer-Dispatch, the cybersecurity regulations proposed by Gov. Andrew M. Cuomo on Sept. 13, may have an effect on local businesses and institutions.
The proposed regulations would require banks, insurance companies and other financial service institutions regulated by the New York State Department of Financial Services to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York state's financial services industry.
Specific requirements include:
- The adoption of a written cybersecurity policy.
- The designation of a chief information security officer responsible for implementing, overseeing and enforcing its new program and policy.
- Development of policies and procedures designed to ensure the security of information systems and nonpublic information accessible to, or held by, third-parties.
- A variety of other requirements that protect the confidentiality, integrity and availability of information systems.