Developments In New York And Colorado Cybersecurity Regulations

From: Mondaq

Article by Gregory Bautista and Jeremy T. Merkel | Wilson Elser Moskowitz Edelman & Dicker LLP

New York
For the first time since New York’s Cybersecurity Regulation (23 NYCRR Part 500) became effective on March 1, 2017, the Department of Financial Services (DFS) has issued Frequently Asked Questions to assist Covered Entities in their compliance and provide guidance into the DFS’s interpretation and enforcement of its newly adopted regulation.

Since the new Regulation was promulgated, Covered Entities, including banks, financial institutions and insurance companies, have faced uncertainly as to how their compliance will be assessed by DFS. With the Regulation’s first deadline for implementation quickly approaching on August 28, 2017, these updated FAQs offer some much needed clarification.

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