New York Governor Andrew M. Cuomo recently announced a proposed regulation to protect New York State from the ever-growing threat of cyber-attacks. The proposed regulation requires banks, insurance companies, and other financial services institutions regulated by the New York State Department of Financial Services to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State's financial services industry. The proposed effective date of the rule is January 1, 2017. The official press release of the Department of Financial Services can be found here.
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