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On 18 August 2022, the New York State Department of Financial Services (NYDFS) closed its consultation on 23 NYCRR 500 outlining amendments to the cybersecurity obligations of financial services companies. The changes include an updated definition of cybersecurity risk assessment, changes to the frequency at which cybersecurity and risk assessment policies must be reviewed, the requirement for more regular disaster tests and cybersecurity reviews, and new incident response and reporting obligations.
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