Using The SAFETY Act To Comply With NY Cyber Rules
Law360, New York (March 3, 2017, 1:02 PM EST) -- A little less than one year from now, there will be a moment of reckoning for banks, investment firms, insurers and others operating in New York. That is because next February, those companies will be required to submit a written certification that they, as "covered entities," are in compliance with the rigorous new cybersecurity regulations implemented by the New York Department of Financial Services (DFS).
What many covered entities have yet to fully appreciate is how New York could deem any entity in noncompliance by virtue of "failing" on one simple step — having an "insufficient" risk assessment. As set forth...
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