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Elizabeth McGinn Quoted in Law360 Article, "NY Cybersecurity Rules Could Push Other Regulators"

Elizabeth McGinn was quoted in Law360 on September 13, 2016, regarding the impact of New York’s newly proposed cybersecurity rules, pertaining to financial institutions and their protection against data breaches. Law360 reported that these first-of-their-kind rules “would require banks, insurers, money service business and regulated virtual currency operators to set out detailed plans for handling data breaches; increase their monitoring of how third-party vendors handle and secure customer data; and appoint a chief information security officer, among other requirements.”

According to McGinn, New York’s decision could compel similar formalization to take place at the state – and even – federal level.

With New York formalizing its requirements, other states and the federal regulators could move in a similar direction, says Elizabeth McGinn.

“I do think there’s going to be more movement on the state and federal level,” she said.

McGinn further commented on the potential regulatory risk such rule formalization poses for financial entities:

“When it’s mandated, there’s more risk for the company. There is a clear expectation compliance is not optional,” McGinn said.

Click here to read the full article at Law360 (subscription required).