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New York takes tough stance on financial cyber security

January 2, 2017Media Mention
Business Insurance

Many financial institutions are preparing for implementation of the comprehensive cyber security regulation expected to be issued by the New York Department of Financial Services, but some entities, particularly smaller ones, may struggle with compliance.

The proposed New York regulation, which applies to banks, insurers and other financial services institutions, requires entities to establish and maintain a cyber security program to protect consumers and ensure the industry’s safety. Implementation was originally scheduled for Jan. 1, according to the proposal, with a 180-day transitional period, but a revised proposal was scheduled to be released late last month, to be followed by a 30-day comment period.

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