In this article, the authors discuss a second amendment proposed by the New York State Department of Financial Services to its Cybersecurity Requirements for Financial Services Companies.

The New York State Department of Financial Services (NYDFS) has released its proposed second amendment to its Cybersecurity Requirements for Financial Services Companies (Part 500), which includes heightened cybersecurity requirements for some companies, new security event reporting requirements, and mandated multi-factor authentication for remote access to systems. The newly proposed amendment follows up on the NYDFS’ pre-proposal outreach from earlier last year.

Originally published in the May 2023 edition of Privacy & Cybersecurity Law Report (Vol. 9, No. 4).