Alan S. Wernick Discusses Proposed Cybersecurity Requirements for Financial Services Companies
Alan S. Wernick discussed new cybersecurity regulations put forth by the New York Department of Financial Services to combat the omnipresent threat of cyber-attacks on financial services companies in a recent American Bar Association Month-In-Brief: Internet Law & Cyber-Security article.
The article titled, “NY Department of Financial Services Proposes Amendments to Cybersecurity Requirements for Financial Services Companies,” listed several of the proposed amendments, including:
• Increased accountability for boards of directors and C-suite executives
• Minimum annual requirement for businesses to invest in cybersecurity awareness and training
• A requirement to have written vulnerability management policies and procedures that assess the business’s cybersecurity program’s effectiveness
• Clarifications on the use of multi-factor authentication
Alan noted that businesses should review these proposed amendments with their privacy and cybersecurity law counsel and assess what effect they will have and whether any actions need to be taken to comply with the proposed new requirements.
Read the full article here.
Alan is a business transactions attorney and advocate, with a background in accounting and technology, who focuses on matters of information technology, privacy/cybersecurity and intellectual property law. His in-depth experience as a seasoned legal counselor and advocate, arbitrator and mediator and as a bridge builder among business, technology and intellectual property communities is well respected by individuals across professional industries.