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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

The Proposed Amendments introduce a new category of “Class A Companies,” which consists of large financial institutions that would be subject to heightened requirements. As part of the “training and monitoring” requirements under Section 500.14 Below are the key changes introduced by the Proposed Amendments. Class A Companies.

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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. The draft amendments would also require that relevant employees be trained for their implementation.