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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

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). Cybersecurity Risk Assessments.