Quinn Emanuel partner Katherine Lemire and associate Laura Ferguson, in the New York Law Journal , detail recent updates to the New York cybersecurity regulations.
The changes, introduced by the New York Department of Financial Services (DFS), enforce stricter standards for financial institutions, including banks, insurers, crypto exchanges, and fintech firms. These revisions, some of which went into effect on November 1, introduce expanded requirements for breach notifications, mandatory ransomware reporting, and stringent password requirements—even for smaller businesses. Notably, the rollout include expanded enforcement powers, potentially upping potential fines for significant breaches. The changes aim to bolster cybersecurity resilience across financial services while impacting affiliated entities nationwide, setting a strong precedent for future regulations.
Original source can be found here.