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Panorays: /blog/nydfs-facts/

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  1. Panorays

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    • What is the NYDFS cybersecurity regulation?

      “The NYDFS cybersecurity regulation is a set of cybersecurity requirements introduced by the New York Department of Financial Services that businesses in the financial services industry must meet. It requires them to implement a cybersecurity plan and have a comprehensive cybersecurity policy in place, appoint a CISO and have a system for reporting cybersecurity incidents.”

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    • Who must comply with NYDFS?

      “NYDFS is required by insurance companies, banks, lenders, mortgage companies and other financial institutions operating within New York State. However, companies with fewer than 10 employees that generated less than $5 million in revenue from New York operations in the last three years are exempt from certain requirements.”

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    • What is the goal of NYDFS?

      “The goal of NYDFS is to safeguard customers while at the same time protect, promote the integrity of information technology systems of regulated industries in the financial industry. This will help ensure the stability and economic development of the financial markets in New York.”

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