New York Data Breach Requirements Set Reporting Tone Nationally

As cyber threats continue to escalate, New York State’s Department of Financial Services (NYDFS) has implemented significant updates to its cybersecurity regulation. The next phase of the changes take effect on November 1, 2024, and impact the scope of entities covered by the regulation and require covered entities to implement enhanced governance, business continuity and encryption standards. These updates are designed to strengthen compliance for more than 3,000 financial institutions, providing robust defenses against increasingly sophisticated attacks.