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Five Steps to Compliance with New York’s New Financial Services Cybersecurity Rules

Posted by John Linkous on Jun 7, 2017

In early March, the State of New York’s Department of Financial Services (DFS) adopted a new set of rules in support of the state’s Financial Services Law.  Normally, this is not something that would be particularly news-worthy, as the DFS is chartered to implement rules of governance and management for financial services companies all the time; over the past few years, the DFS has issues rules regarding financial dispute resolution, debt collection, and even the use of Bitcoin and other virtual currencies.  What makes the March resolution – titled “23 NYCRR 500” – so interesting is that, for the first time, it defines specific cybersecurity governance requirements for all financial services companies operating in the state.  As you might expect, as New York City is one of the top three financial centers of the world, this ruling has a substantial impact.

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