On Sept. 13, 2016, the New York State Department of Financial Services (DFS) published draft regulations addressing cybersecurity in the financial sector. Described as “first in the nation,” the draft regulations are sweeping in scope and reach well beyond core financial institutions, such as banks and lenders. A 45-day notice and comment period is under way, ending on Nov. 13, 2016, which will be followed by a summary from DFS of the comments received and DFS’s responses to those comments. The new rules then become effective, unless DFS withdraws the proposed regulations or issues a notice of revised rulemaking, proposing substantial revisions in light of the comments received.
As a practical matter, given that DFS has already consulted with industry participants concerning the new rules prior to their publication, and given the emphasis that DFS and the Executive have placed on the necessity for these rules, it may be unlikely that any material changes will be forthcoming after Nov. 13.
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