Ask Tim; Cyber

​The NYS Department of Financial Services this morning formally adopted changes to the cybersecurity regulation. This is something we have been anticipating for nearly 18 months. At the same time, it appears they may have emailed every licensed person for whom they have an email address to announce the adoption. You may have received this email. Here is what you need to know today: We are in the process of reviewing the final version of the amendments. This is the third version of the amendments DFS has published, and it is not identical to what they proposed earlier. ​Both previous versions stated that the earliest date compliance…

​The deadline for submitting the annual certification of compliance with New York's cybersecurity regulation for financial services companies is this Saturday, April 15. If you haven't submitted the certification for your agency yet, you must do so by the end of the day Saturday.The certification is one of the requirements in the New York State Department of Financial Services (DFS) regulation Cybersecurity Requirements For Financial Services Companies, which is Part 500 of Title 23 of the New York Codes, Rules and Regulations (23 NYCRR 500.) Subsection (b) of Section 500.17 states:"Annually each covered entity shall submit to the superintendent a written statement covering the prior…

​We are knee-deep in 2023. This is the time of year when Big I NY gets a lot of questions from members about what they have to do to comply with the Cybersecurity Requirements For Financial Services Companies regulation. Though the New York State Department of Financial Services (DFS) has proposed a number of changes to that regulation, none of them are in effect yet. Therefore, your obligations are the same this year as they were last year. Here are answers to the questions we get most frequently:The agency must complete and submit the online Certification of Compliance to the DFS between now and April…