Regulatory Outlook | 11.15.22
New York May Proposes Cybersecurity Rule Update
The New York State Department of Financial Services wants to loosen data security requirements for some individuals and small firms and tighten the requirements for big companies. The department put the size-based changes in a proposed amendment to financial services company cybersecurity requirements regulations that were adopted in 2017. Federal financial regulators have modeled their cybersecurity requirements on New York’s rules. Thus, the proposed update could affect data security rules for financial services companies and professionals all over the United States.
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