As we previously reported, in September 2016 the New York Department of Financial Services (the “DFS”) proposed a regulation that would require banks, insurance companies and other financial services institutions regulated by the DFS to adopt broad cybersecurity protections (the “Proposal”). The comment period for the Proposal closed in mid-November.
In late December, a DFS spokesman said that a revised Proposal will be filed with the state register on December 28, 2016 (followed by a new thirty-day comment period) and that the revised Proposal will come into effect on March 1, 2017 (two months later than the Proposal’s previous effective date of January 1, 2017).