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Thursday, December 22, 2016

NY Financial Regulator to Delay Cyber Security Rules

The New York State Department of Financial Services (DFS) will delay the Jan. 1, 2017, deadline for banks and insurers to comply with cyber security rules, according to inside sources. The new effective date, after a public review period, will be March 1, 2017. The DFS reportedly plans to publish a revised version of its cyber security rules in the New York State Register on Dec. 28. Insurance and banking industry groups have said the rules did not distinguish between small and large financial institutions and would possibly conflict with future U.S. government cyber security rules. The DFS has received more than 150 letters in response to its cyber security rules, released in September.

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