As we've previously discussed, the New York Department of Financial Services proposed a new regulation on the cybersecurity procedures of the financial industry. On March 1, 2017, 23 NYCRR 500 Cybersecurity Requirements for Financial Services Companies was enacted. The regulation requires banks, insurance companies and other financial institutions regulated by the State Department of Financial Services to establish and maintain a cybersecurity program. It is important to note this regulation does not apply to nationally chartered institutions.
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