In an expert analysis published by Law360, Franca Harris Gutierrez, Julie Williams and Andrew Lindsay discuss the most notable regulatory and legislative changes in New York banking regulation and policymaking.
Excerpt: “On Nov. 1, 2023, the NYDFS adopted amendments to Title 23 of the New York Codes, Rules and Regulations, Part 500, requiring covered entities to implement heightened cybersecurity protocols in accordance with revisions to the regulation. Changes include requiring stricter reporting from senior officers and boards; improved data safeguards, such as more stringent requirements related to encryption policies and encryption "in transit"; and heightened risk-based controls, among other measures, which suggest an uptick in NYDFS cybersecurity enforcement in the coming year.”
