Comments on NYSDFS Cybersecurity Regulation Begin Pouring In

On September 28, 2016, the New York State Department of Financial Services (DFS) released for comment a proposed new regulation entitled Cybersecurity Requirements for Financial Services Companies (23 N.Y.C.R.R. Part 500). Various industry groups have offered comments and expressed concerns about some of its requirements. These concerns include the costs of compliance and the scope of entities regulated by the proposed rule. Among the organizations offering comments are the Excess Lines Association of New York (ELANY) and the American Association of Managing General Agents (AAMGA).…

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