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New York Hits First Financial Security Regulation Deadline

New cybersecurity regulations are now in effect in New York for financial service organizations.

By Roy Urrico | Updated on August 28, 2017

New York state’s mandatory cybersecurity requirements for financial institutions reached a significant deadline, August 28, whereby covered entities must create a written security policy and appoint a chief information security officer.

The August date marks the end of a 180-day transitional period for the New York State Department of Financial Services cybersecurity regulations, which went into effect on March 1, 2017, required financial institutions to provide minimum cybersecurity standards and report breaches to regulators to limit consumer losses. Covered entities must also limit access privileges to nonpublic data, periodically assess the process, and implement procedures to inform the state regulator within 72 hours of cybersecurity or data security incidents.

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Roy Urrico

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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