- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-11-03T10:03:00
New York will require financial institutions to conduct risk assessments more often and improve governance under a broad update to the state’s cybersecurity regulations.
The final amended rules are intended to improve risk mitigation and enhance cyber governance within the financial sector, said Gov. Kathy Hochul on Wednesday. The update amends the state’s 2017 cybersecurity regulations, which are enforced by the New York State Department of Financial Services (NYDFS).
The NYDFS will explain the amendments to businesses through a series of seminars, Hochul said.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
The New York State Department of Financial Services issued guidance for small businesses attempting to comply with its cybersecurity regulations.
The New York State Department of Financial Services issued guidance to regulated banking and lending institutions on managing material financial and operational risks related to climate change.
New York hospitals would be required to have a cybersecurity program that includes regular cyber risk assessments under newly proposed regulations.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
