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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

of the Proposed Amendments, Class A Companies must (1) ensure use of strong, unique passwords; (2) monitor privileged access activity; and (3) unless, a reasonable equivalent is approved in writing by the company’s CISO, implement both a password vaulting solution for privileged accounts and an automated method for blocking commonly used passwords.

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NYDFS proposes significant cybersecurity regulation amendments

Data Protection Report

New annual certification of non-compliance : The draft amendments now provide for a certification of non-compliance that describes the nature and extent of such noncompliance and identifies all areas, systems, and processes that require material improvement, updating or redesign. Notifications to DFS. Penalties for Single Failures.