Banks, Insurers Get More Time For NY Cybersecurity Rule

Law360, New York (December 21, 2016, 5:53 PM EST) -- New York state will give banks and insurers an extra two months to come into compliance with first-of-their kind cybersecurity regulations, a spokesman for the state's financial regulator said.

New cybersecurity rules put in place by the New York Department of Financial Services will come into effect March 1. The regulations, which set out detailed requirements for how banks, insurers, money service businesses and registered virtual currency firms handle data breaches, manage third-party cybersecurity efforts and appoint a chief information security officer, among other requirements, had been set to take effect Jan. 1.

New York's push for banks and insurers to...

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