Based on reports citing New York Department of Financial Services (“DFS”) sources (see here and here), DFS may propose a revised version of its first-in-the-nation cybersecurity regulations on December 28, 2016. That revision would be followed by a new 30-day comment period, with the revised regulations scheduled to take effect on March 1, 2017.
This reported revision follows soon after a New York State Assembly Standing Committee on Banks hearing, during which representatives from various industries expressed concerns about the prescriptive nature of the original proposed regulations, and their impact on New York businesses.
For now, stay-tuned, as we will continue to report on new developments.