- How Boards Can Prepare for New York’s Cybersecurity Regulation
- July 13, 2017 | Authors: John S. Pruitt; Mary Jane Wilson-Bilik; John Allen Zumpetta
- Law Firms: Eversheds Sutherland (US) LLP - Washington Office; Eversheds Sutherland (US) LLP - New York Office
Corporate Secretary – Special Edition: Governance and Boardroom
The New York State Department of Financial Services’ (DFS) much-anticipated cybersecurity regulation went into effect on March 1, 2017, introducing new requirements in a sensitive area that boards and senior officers will have to ensure their firms are ready to comply with.
Insurance companies, insurance agents and brokers, and other financial service providers regulated by the DFS – referred to as covered entities – have until August 28, 2017, to comply with the regulation, although covered entities have extra time to meet certain requirements.
In their article for Corporate Secretary, Eversheds Sutherland (US) attorneys John Pruitt, Mary Jane Wilson-Bilik and John Allen Zumpetta discuss that the new regulation requires covered entities to take action in five broad areas.