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Daily Dashboard | NY’s proposed cybersec regs have long reach Related reading: UK Parliament committee to review EU-UK adequacy agreement

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New York state's long-awaited cybersecurity regulations for financial services companies, issued by the New York State Department of Financial Services on Sept. 13, will impose significant data and information security requirements on regulated financial institutions within its specific jurisdiction, but the regulations will affect more than just New York-based financial institutions. Richard Santalesa, CIPP/US, writes for Privacy Tracker that NYDFS' scope of regulated financial institutions is very broad and "Beyond this, these requirements will be pushed onto any third-party service provider with access to an RFI’s nonpublic information or information systems, as each is broadly defined,” regardless of where they are located. The regulations include requirements for designating a CISO and employing “sufficient” cybersecurity personnel, annual certification of compliance, and a 72-hour notification requirement, among others. The NYDFS is currently conducting a public comment period for the regulations. (IAPP member login required.)
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