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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 The CISO’s obligation to report to the senior governing body ( e.g. , board of directors) has been expanded to include plans for remediating inadequacies and timely reporting on material cybersecurity issues or major cybersecurity events.

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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.