The New York State Department of Financial Services (DFS) has released an updated version of its “Cybersecurity Requirements for Financial Services Companies.” According to the DFS, the proposed regulation, which will be effective from 1 March 2017, will require banks, insurance companies and other financial services institutions regulated by the DFS to establish and maintain a cybersecurity programme designed to protect consumers and ensure the safety and soundness of New York State’s financial services industry. DFS considered an array of comments and suggestions during a 45-day comment period that ended in mid-November. It is providing a further 30-day comment period on its updated version.