The New York Department of Financial Services (NYDFS) recently surveyed the companies that it regulates to assess cybersecurity risks. After examining the surveys, the NYDFS seems prepared to propose regulations governing how financial institutions can better monitor and manage risk from a liability perspective
In line with a similar survey by the Office of the Comptroller of the Currency (OCC), the NYDFS identified relationships with third-party vendors as one of the weak links that institutions should examine to make sure that contracts and services agreements are addressing cybersecurity issues. Protection from data breaches and possible liability are also among the major concerns.
In this video interview with Colin O’Keefe of LXBN TV, I recommend closely following the NYDFS, as well as the OCC, for proposed new rules and regulations that may impact financial services companies.
Click here to watch video.