As this election cycle and recent corporate and law firm cyberattacks have made clear, cybercriminals are becoming an ever-growing threat to businesses and law firms. As companies grapple with how to best address hackers and protect themselves from future cyberattacks, New York has proposed a set of cybersecurity regulations for banks and financial institutions that, if passed, would become the first-ever set of state cybersecurity standards applicable to a particular industry. Because the proposed regulations would place a number of requirements on financial services firms ranging from drafting and publishing cybersecurity policies to hiring a cybersecurity information officer, this law would lead to significant consequences for both banks and lawyers.
What New York’s Proposed Regulations Entail
The main goal of New York’s proposed regulations, 23 NYCRR 500, is to set forth a number of requirements that banks and other financial service providers would need to follow to protect customer data.
For the complete article from the Logikcull Blog, click here.
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