From: American Banker
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The New York State Department of Financial Services recently issued a statement warning firms that they have until Sept. 4 to be in compliance with the third phase of the cybersecurity rule that first took effect last year. Next month banks and other institutions must start encrypting nonpublic data and keeping “audit trails” to help manage the aftermath of a breach.
But with federal regulators signaling their interest to strengthen cybersecurity rules, many observers are asking whether New York’s framework could provide a road map.
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