The New York Department of Financial Services issued a reminder
to all covered entities that its cybersecurity regulation took
effect on Aug. 28, 2017. Banks, insurance companies and other
financial services institutions regulated by DFS are now required
to have a cybersecurity program designed to protect consumers'
private data; a written policy or policies that are approved by the
board or a senior officer; a Chief Information Security Officer to
help protect data and systems; and controls and plans in place to
help ensure the safety and soundness of New York's financial
services industry. Covered entities are also required to begin
reporting cybersecurity events through the NYDFS online
cybersecurity portal, among other requirements.
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