There are new cybersecurity regulations coming early next year for financial services companies in New York state, and they're the cause of some stirring among those charged with data protection and privacy. The Cybersecurity Requirements for Financial Services Companies, open for public comment for the next month, is the result of the New York State Department of Financial Services' close monitoring of the "ever-growing threat posed to information and financial systems by nation-states, terrorist organizations and independent criminal actors," the regulator says in its introduction of the regulation in the State Register. Given that the financial services industry is such an attractive target for cyber thieves, DFS, while recognizing many firms have made significant strides on cybersecurity for their own sakes, decided to up the baseline requirements for cybersecurity programs. Some say they’re no big deal, while others say they’re incredibly prescriptive, a nightmare for dealing with third-party vendors, and also a foreshadowing of bills to come nationally, reports Angelique Carson for The Privacy Advisor.
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