Partner Craig Hoffman and Associate Elise Elam are quoted in a Nov. 9 Law360 article titled “NY, FTC Dial Up Heat With Financial Data Security Upgrades.”
According to the article, “New York's financial services regulator and the Federal Trade Commission have recently moved to beef up rules governing data breach disclosures and the protection of financial data, creating new risks for financial institutions and their executives and adding fuel to broader efforts to expand cybersecurity regulations in this area.”
Hoffman tells Law360 that the changes represent “a consolidation in the approach that regulators are taking to address these cybersecurity risks,” adding that regulators are “expecting a more mature cyber program to be built up and for organizations to have updated data breach assessments.”
Elam says the New York State Department of Financial Services’ amended cybersecurity regulations have “made it clear that [the NYDFS] expects senior leadership to take a bigger role and make sure they have buy-in with their cybersecurity programs.”