The Big Apple now demands big commitments from financial institutions regarding cybersecurity practices. Yesterday, the New York State Department of Financial Services (“NYDFS”) adopted its second set of amendments to its 2015 “Cybersecurity Requirements For Financial Services Companies” (“Amended Cybersecurity Regulation”), with some amendments immediately going into effect. The law requires “covered entities,” including but limited to financial institutions or insurance providers authorized to conduct business in New York, to implement and maintain a cybersecurity program, to report cybersecurity events, and to annually certify their compliance with the law. The Amended Cybersecurity Regulation now requires:Continue Reading Security State of Mind: Amendments to NYDFS’s Cybersecurity Regulation Go Live
In 2017, the Cayman Islands passed the Data Protection Law (“DPL”), which reads much like the upcoming European Union General Data Protection Regulation (“GDPR”) that goes into effect Mary 25, 2018. The DPL applies to entities falling within the definition of “data controller” who are established in the Islands or who process data in the Islands. The DPL divides data into two categories, personal data and sensitive data. Certain information is exempt from the application of the DPL, such as data processed in connection with a corporate finance service. The DPL gives individuals the right to access their information, object to processing, and the right to request their information be corrected or erased.