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NYDFS updates cybersecurity requirements for financial services companies

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Photo: Adrian Bretscher/Getty Images for Kaspersky Lab

Major amendments to Part 500 cybersecurity regs adopted – we set out what you need to know.

New York’s financial watchdog published significant updates to its cybersecurity regulations Wednesday, adding strict internal controls and risk assessment requirements, plus notification obligations around ransom payments, that go further than recent federal rules.

The New York State Department of Financial Services (NYDFS) – which oversees banks, insurance firms, mortgagestatement