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Proposed Amendments to NY Financial Services Cybersecurity Regulations Impose New Obligations on Large Entities, Boards of Directors and CISOs

Hunton Privacy

As part of the “training and monitoring” requirements under Section 500.14 Covered entities also must conduct an “impact assessment whenever a change in the business or technology causes a material change in the covered entity’s cyber risk.” As part of the “risk assessment” requirements under Section 500.9

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NYDFS proposes significant cybersecurity regulation amendments

Data Protection Report

The draft amendments would also require that relevant employees be trained for their implementation. To the extent passwords are employed as a method of authentication, the proposed changes would require the covered entity to ensure strong, unique passwords are used. Notifications to DFS.