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Feb
27

Virginia businesses could be subject to New York cyber regulation

From: Virginia Business

by Collin Hite

Certain financial service businesses have just a few days to gear up for New York’s brand-new cybersecurity regulation.  The new rule applies to all entities overseen by the New York Department of Financial Services (NYDFS) banking, insurance and financial service laws.  The net scoops up commercial banks, foreign banks with New York licensed offices, mortgage brokers and servicers, small-loan lenders and money transmitters doing business in New York.  Obviously, insurance companies, broker, agents (resident and non-resident), and others also fall within the scope.  As Gov. Andrew Cuomo stated, “These strong, first-in-the-nation protections will help ensure this industry has the necessary safeguards in place” to protect businesses and clients “from the serious economic harm caused by these devastating cyber-crimes.”

The new regulation is perhaps the most detailed in the country to date and sets forth unprecedented requirements for covered entities.  Yet, it also provides a good degree of flexibility for companies for implementation.  The regulation becomes effective as of March 1.  For those entities that sat back during the rule making and comment period, they may be behind the eight-ball at this point.

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