Fortress Your Bottom Line: Demystifying the Amended NYDFS Cybersecurity Rule for the Financial Services and FinTech C-Suites

As of November 1, 2023, a major shift has occurred in cybersecurity regulations, with the New York Department of Financial Services (NYDFS) finalizing a comprehensive Amendment. This change redefines several aspects of a company’s cybersecurity framework, from governance strategies to incident response protocols, impacting both financial institutions licensed by the NYDFS and their key vendors. The Amendment, an extension of the initial 2017 requirements, demands a higher level of cybersecurity urgency, robust controls, and transparency.