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NYDFS updates follow a trend by regulators of moving toward stricter cybersecurity risk management and board oversight. A trend that EU regulators are following through DORA and the SEC through its 2022 cyber proposal. For public firms registered in New York State and/ or licensed to trade under the NYDFS, cyber compliance risk will become more complex.
Many FIs should be in a position to meet these requirements in general terms. Systemically important FIs covered under Basel IV accords will have mature risk management, cybersecurity and control effectiveness attestation programs in place. It’s those smaller FIs that may struggle.
The growing trend toward risk management, cybersecurity and board attestation, increases the legal and compliance burden on security professionals and the board room. The first public FI that does not comply to these updates will likely open the gates to regulatory scrutiny of other regulators that are circling cybersecurity compliance.
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #theaugustagroup #nydfs #cyberregulation
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