New financial regulations go into effect in New York

On March 1, new regulations go into effect in New York State, requiring that all regulated financial services institutions have a cybersecurity program in place, appoint a Chief Information Security Officer, and monitor the cybersecurity policies of their business partners.

It might seem a little sudden, since the regulations were only finalized a month ago. But it’s actually not as bad as it sounds.

“There’s a transitional period,” said Brad Keller, senior director of third party strategy at Prevalent. “Everyone has six months to be in compliance.”

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