Relaxed NY Cybersecurity Rules Offer Limited Relief

Law360, New York (January 6, 2017, 5:49 PM EST) -- The New York financial services regulator’s recent move to relax first-of-its-kind cybersecurity rules for banks and insurers by taking steps such as accounting for companies’ specific risk appetites will make compliance an easier task, but attorneys say the stringent planning and security requirements that remain in place will likely serve as fodder for both regulators and consumers.

Responding to a flood of public comments that attacked the rules for being too stringent, the New York Department of Financial Services on Dec. 28 floated a revised version of its September proposal to require banks, insurers, money service businesses and regulated virtual currency...

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