The New York State Department of Financial Services has modified its proposed cybersecurity regulations and delayed their start date by two months. The proposed regulations went into effect on March 1, 2017, with a 180-day compliance window.
According to Governor Andrew M. Cuomo, these are "first-in-the-nation regulations" designed to protect New York State from the ever-growing threat of cyber-attacks. They "requires banks, insurance companies, and other financial services institutions regulated by the State Department of Financial Services to establish and maintain a Cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State’s financial services industry."
Objectives of the Presentation
Part one of the presentation will cover what must be developed, how to implement it, and how to manage and test your program.
- How to establish a Cybersecurity program
- Creating Cybersecurity policies
- Chief Information Security Officer responsibilities
- Third-Party Service Providers policies and procedures to ensure the security of information systems
- Additional requirements of the regulation
Part two of the presentation will discuss these "first in the nation" regulations, their sweeping reach, and the pitfalls and ambiguities they contain.
It will also discuss the implications these regulations raise for entities not under the regulatory reach of NYS DFS, and for Cybersecurity and business continuity compliance generally.
Why Should you Attend
The New York Department of Financial Services (NYDFS) is moving forward with new regulations that will require financial institutions to establish and maintain a cybersecurity program meeting "certain regulatory minimum standards." Banks, state-licensed lenders, mortgage industry companies, insurance companies, money services businesses, and all other financial institutions subject to NYDFS jurisdiction should carefully assess whether existing security measures will need to be enhanced and what additional steps may need to be taken to satisfy the requirements. All financial institutions should be aware of the realistic possibility that any final regulations promulgated by the NYDFS could become the de facto national standard. These regulations for Financial Institutions and Insurance companies, is just as pertinent to all organization who wish to have resiliency.
Who will Benefit
All insurance companies, Financial institutions and others under DFS with over 10 employees including consultants, who made 5Mil or more last year and who have 10Mil in assets.
- President (small company)
- Regulatory Compliance Officer