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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

In addition to the new heightened requirements for Class A Companies, the Proposed Amendments would impose new requirements for all covered financial institutions, including the following: A covered entity’s cybersecurity policies must (1) be approved at least annually by a “senior governing body” (i.e.,

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NYDFS proposes significant cybersecurity regulation amendments

Data Protection Report

The proposed changes mark a turn by NYDFS toward more specific, granular and prescriptive requirements notably with respect to governance, risk assessments and asset inventories (detailed below). Governance. NYDFS will release the official proposed changes at a later date, and they will be subject to the usual 60-day comment period.