United States of America: Adopted Second Amendments to Cybersecurity Requirements for Financial Services Companies
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Adopted Second Amendments to Cybersecurity Requirements for Financial Services Companies
On 16 October 2023, the New York State Department of Financial Services (NYDFS) adopted the Second Amendments to the cybersecurity obligations for financial services companies (23 NYCRR 500). The Amendments apply to covered entities, including any person operating under or required to operate under a licence, registration, charter, certificate, permit, accreditation, or similar authorisation under the Banking Law, the Insurance Law, or the Financial Services Law. The Amendments include enhanced controls to prevent unauthorised access and mitigate cyberattacks. In addition, the Amendments introduce requirements for more regular risk assessments, robust incident response plans, and updated notification requirements. The Second Amendments will enter into force on 1 November 2023.
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