United States of America: NYDFS issues guidance on Escalating Situation in Ukraine containing cybersecurity requirements

On 25 February 2022, the New York State Department of Financial Services (NYDFS) published its guidance on the "Escalating Situation in Ukraine and Impact to Financial Sector", which includes recommendations regarding cybersecurity. Particularly, the guidance requires all entities regulated by the New York State Department of Financial Services to comply with Federal cybersecurity regulations, identify vulnerabilities and update and test their incident response and business continuity planning. Moreover, regulated entities that do business in Ukraine or Russia should enact increased measures to monitor traffic from those countries, by reviewing firewall rules and isolating networks from Ukrainian or Russian offices.