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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

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. Cybersecurity Event Notification Would Expand.