“New York Takes Tough Stance on Financial Cyber Security,” Business Insurance Magazine
In an article published on Jan. 2, 2017 in Business Insurance Magazine, attorney Bess Hinson provides guidance on how financial institutions should prepare for the proposed New York State Department of Financial Services’ cyber security regulation. “Many institutions are not ready for this,” Ms. Hinson explains. “For example, this regulation requires report of a breach within 72 hours of the breach, and in order for this to happen a company needs to have in place a formalized instant response plan.” She also addresses the requirements of the rule. “The regulation contains some very specific demands that go beyond other regulations, including those related to nonpublic information, where the terms are defined very broadly.” For the full article, you may click here.