Financial Institutions in New York Face Stricter Cybersecurity Rules

Boards of directors need to maintain an appropriate level of cyber expertise, incidents must be reported within 72 hours after determination, and all ransom payments made must be reported within a day. Those are just some of the changes made by The New York State Department of Financial Services to its Cybersecurity Requirements for Financial Services (23 NYCRR 500) , effective November 1, 2023. This tightening of the reigns will hold businesses to higher security scrutiny and make technical and …

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