Analysis

'Training Wheels' Come Off New NY Cybersecurity Rules

Law360 (March 21, 2019, 9:23 PM EDT) -- New York’s financial services regulator has demonstrated an eagerness to help companies get up to speed on the state's landmark cybersecurity rules over the past two years, but with the implementation grace period now over, enforcement is likely to heat up, experts say.

The first-in-the-nation cybersecurity rules developed by New York’s Department of Financial Services, which took effect in March 2017, require banks, insurers, financial businesses and regulated virtual currency operators to fortify their cybersecurity protocols by establishing a detailed data security plan, increasing their monitoring of third-party vendors, appointing chief information security officers and reporting breaches within 72 hours....

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