Widener University Commonwealth Law School
MONTH-IN-BRIEF (Dec 2022)
NY Department of Financial Services Proposes Amendments to Cybersecurity Requirements for Financial Services Companies
By Alan S. Wernick, Esq., Aronberg Goldgehn
The New York Department of Financial Services (“DFS”) “Cybersecurity Requirements for Financial Services Companies” (“CRFSC”) (23 NYCRR 500) (“Part 500”), effective March 1, 2017, are set for an update in early 2023. In November 2022 DFS announced its proposed amended regulations to Part 500 (see, “DFS Superintendent Adrienne A. Harris Announces Updated Cybersecurity Regulation” available at https://on.ny.gov/3I2warw). DFS Superintendent Harris is quoted as saying, “With cyber-attacks on the rise, it is critical that our regulation keeps pace with new threats and technology purpose-built to steal data or inflict harm. Cyber criminals go after all types of companies, big and small, across industries, which is why all of our regulated entities must comply with these standards – whether a bank, virtual currency company, or a health insurance company.”