In “NYS Cyber Regs Still Prove Troublesome” (Reactions, 7 Feb. 2017), the K2 Intelligence Regulatory Compliance team discusses recent changes to the New York State Department of Financial Services’ proposed cyber regulations for financial firms, explaining that the revised regulations still pose a burden for the insurance industry.
According to Hal, the revised regulations are “a lot more tenable for insurers.” However, “for those institutions not already in the process of completing the regulations, the cost exists. It is not going to be cheap, but the spend has to address each element of the rule, and ensure that things are sustainable.”
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