Late on New Years Eve we started getting emails from clients in the midwest of the United States about an email that they received from New York Department of Financial Services, stating that they could not automatically garner an exemption from the state's cyber security regulation. Emails like this one below.
This email was triggered by a large financial institution with ties to New York that smaller firms in states like Ohio are vendors of. New York has mandated that these firms file independently for an exemption from the cyber security regulation. The criterion for an exemption are slim. Firms with > 9 employees or contractors, and firms grossing > $5,000,000 are being required to execute process and assessment activities that typically run +$50,000. Work arounds like outsources CISO (chief information security officer) faculties are being removed, and this is being exported far beyond The State of New York to reach firms that exist in a global supply chain of 3rd parties to the world's financial capitol. Industries effectives are pervasive including all measured of managers of capital, like real estate asset managers.
Our team thought that you should read the at this link
The above stated, it's important to
UNDERSTAND THE 4TH PHASE OF THE DFS REGULATION.
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