New York Unveils Sweeping Cybersecurity Regulations

Banks, insurance companies and other financial services companies that operate within the state of New York will soon be required to significantly increase their cybersecurity programs in an effort to further protect consumers’ personal and financial information. The new regulations, proposed this week by the office of New York Gov. Andrew Cuomo and the New York Department of Financial Services, would require companies that are regulated by the NYDFS to establish a cybersecurity program, adopt a cybersecurity policy, add a chief information security officer, and would require companies to additional levels of security when working with third-party service providers.