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New York is poised to become the first state in the nation with comprehensive cybersecurity regulation and reporting requirements applicable to the entire financial services industry, with only very limited exemptions. 23 NYCRR 500 (the Regulation) will require banks, insurance companies, and other financial institutions regulated by the New York State Department of Financial Services (DFS) to establish and maintain a cybersecurity program designed to protect consumers and the stability of New York’s financial services industry. The Regulation was designed to promote the protection of customer information as well as the underlying information technology systems of regulated entities in light of the ever-increasing threat of cyber attacks. It requires assessment of specific risk profile and design of program addressing risks, for which senior management is responsible including annual certification of compliance.
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By Scott Pink and John Dermody
Governments and businesses alike are considering how to leverage new technologies to make contact tracing efforts more effective by digitally monitoring our social interactions and physical locations. But such innovative contact tracing methods raise a host of privacy concerns, forcing a reckoning with how we balance privacy and public health.
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