Financial firms in New York face new regulations on cybersecurity


Major financial firms operating in New York will face stiff cybersecurity obligations under a new regulation introduced in the city.

The rules address a broad range of cybersecurity issues, from the maintenance of written policies, governance and auditing, to detection, defence and response measures, testing requirements and incident reporting.

The new regulation (14-page / 342KB PDF) has been set by the New York State Department of Financial Services (DFS) and will apply to firms holding a banking, insurance or financial services licence to operate in New York. A limited number of exemptions apply, including for firms with few employees or low revenues or assets.

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