By Marcos Colón

March 1, 2017

In response to the growing cyber threats aimed at financial institutions, New York State has implemented cybersecurity regulations that all banks must abide by.

Although the rules go into effect on March 1, there will be a six-month transitional period for all banks to be in compliance, according to the first state-mandated “Cybersecurity Requirements for Financial Services Companies” that were finalized just one month ago.

Moving forward, all regulated financial institutions must have a cybersecurity program in place, appoint a chief information security officer, and continuously monitor the cybersecurity policies tied to their third-party business partners.

A majority of large banks may already be adhering to the new regulations, but the bigger question lies in the influence New York’s recent action will have in other states.