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NYDFS Cybersecurity Regulations: A glimpse into the future
The cybersecurity regulation (23 NYCRR 500) adopted by the New York State Department of Financial Services (NYDFS) is nearly two years old. The 2017 bill, the first of its kind, will be fully implemented as of March 1st, 2019. Leading up to that date, companies have had to meet several milestones including hiring a CISO, encrypting all its non-public consumer data and enabling multi-factor authentication. Even though these regulations only apply to New York, financial institutions across the U.S. need to take note as these regulations will likely pop up in other states sooner than later.
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