New York's latest Cybersecurity Regulation amendments bring stringent requirements for financial institutions, effective Thursday. While larger companies may more easily adapt to these regulations, smaller firms and their vendors face significant challenges. Key amendments necessitate developed in-house cybersecurity teams, dependable third-party vendor solutions, and substantial investments in technology and processes. Cyber attorneys highlight this disparity, noting that non-financial entities, despite not being directly regulated, may still feel the repercussions of compliance pressures faced by larger entities, indicating a broader impact across various sectors.
The latest amendments to the NYDFS Cybersecurity Regulation, which go into effect Thursday, demand sophisticated in-house cyber teams and strong third-party vendor solutions, potentially straining smaller companies.
As larger companies have better resources for compliance with the NYDFS cybersecurity deadlines, smaller firms and their vendors are left scrambling to meet the stringent new requirements.
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