New York State Department of Financial Services Meaningfully Rachets Up Cyber Requirements with New Draft Amendments

On July 29, 2022, the New York Department of Financial Services released Draft Amendments to its Part 500 Cybersecurity Rules; the Draft Amendments would update the Cybersecurity Rules in a manner consistent with the “catalytic” role it took in 2017 as the first state to codify certain cybersecurity best practices and guidance into explicit regulatory requirements for covered entities.