• New York State Department of Financial Services Urges Tighter Cybersecurity at Banks’ Outside Vendors: Report Assesses Banking Industry’s Progress in Addressing Cybersecurity Risks Posed by Third-Party Service Providers
  • April 30, 2015 | Authors: Jay Clayton; H. Rodgin Cohen; Mitchell S. Eitel; John Evangelakos; Scott D. Miller
  • Law Firm: Sullivan & Cromwell LLP - New York Office
  • On April 9, the New York State Department of Financial Services (“DFS”) released findings arising out of its study of measures banking organizations use to address cybersecurity risks posed by their third-party service providers. The April 9 report, which updates a May 2014 report, is based on a survey of vendor cybersecurity practices in place at 40 regulated banking organizations. It highlights various cybersecurity measures that banking organizations may want to consider implementing.