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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 Covered entities also must conduct an “impact assessment whenever a change in the business or technology causes a material change in the covered entity’s cyber risk.” The risk assessments required by Section 500.9 The risk assessments required by Section 500.9

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NYDFS proposes significant cybersecurity regulation amendments

Data Protection Report

The draft amendments would also require that relevant employees be trained for their implementation. The risk assessments would be required to incorporate threat and vulnerability analyses, and consider mitigations provided by security controls planned or in place. (§500.1).