Proposed Amendments to Cybersecurity Regulation

New York Department of Financial Services Proposed Amendments to Cybersecurity Regulation: What it Means for Covered Entities

On November 9, 2022, the New York Department of Financial Services (NYDFS) issued a proposed second amendment to its 2017 Cybersecurity Regulation 23 NYCRR 500 (“Proposed Amendments”). The publication of these Proposed Amendments comes in the wake of a buzz-worthy pre-proposal comment period, where the NYDFS considered the comments received in response to the pre-proposed amendments. The 60-day public comment period for the Proposed Amendments will end on January 9, 2023.