The New York State Department of Financial Services (NYS DFS) is responsible for ensuring the safety and soundness of financial institutions, protecting consumers, and promoting the growth of the NY financial services sector. In 2023, NYS DFS is rolling out significant revisions to its Cybersecurity Regulation (23 NYCRR Part 500).
These changes, known as the Second Amendment, address gaps in the original regulation, aiming to enhance consumer protection and strengthen the financial system against sophisticated cyber threats. Non-compliance can lead to hefty fines, with average penalties around $3 million.
The report breaks down the new requirements and offers strategic guidance on how to stay compliant. Download it to understand the implications of the Second Amendment and learn practical steps to safeguard your organization against regulatory actions and cyber threats.
