New York’s cybersecurity state of mind

Financial institutions operating in New York State have recently become subject to a new cybersecurity regulation from the NYS Department of Financial Services. Firms must get to grips with its far more prescriptive approach than that of the UK regulator, or risk potential enforcement action, reports Nicholas Querée.

Nicholas Querée is an associate at Peters & Peters Solicitors, where he represents corporations and individuals in white-collar disputes. He has a particular interest in financial services regulatory and criminal matters, and recently completed a secondment with the FCA’s Enforcement Division. Contact him on nqueree@petersandpeters.com.

A spate of recent high-profile cyberattacks have continued to highlight the ever-growing vulnerability of governmental bodies, critical infrastructure, along with the personal data of individual citizens to these rapidly-evolving threats, and have prompted a range of legislative and regulatory responses. Jurisdictions including China, Singapore and the European Union have all recently implemented, or are implementing, laws designed to respond to these novel challenges.