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Financial Services Law Insights and Observations
NYDFS releases its Cybersecurity Program Template
On May 13, NYDFS issued a guidance letter informing licensed entities about its Cybersecurity Program Template. NYDFS created the Template to help individual licensees and individually owned businesses licensed by NYDFS to develop a cybersecurity program as required by its cybersecurity regulation (23 NYCRR Part 500). The Template was prepared based on the version of the NYDFS Cybersecurity Regulation in effect as of November 1, 2023 (covered by InfoBytes here). The template does not need to be submitted to NYDFS or any other state agencies for approval.