The new law among other things “includes requirements that financial and insurance institutions retain a CISO, report cybersecurity incidents within 72 hours and use multifactor authentication.” On February 17, 2017 reported a story entitled “Breach Preparedness , Compliance , Cybersecurity Reworked N.Y. Cybersecurity Regulation Takes Effect in March” which included these comments:

…organizations must develop a cybersecurity program, including a written policy that addresses aspects such as access controls, business continuity, asset inventory and data governance.

The CISO must send a report at least annually to the organization’s board of directors, the new regulation states.

The cybersecurity program must include a periodic risk assessment plus annual penetration tests.

Encryption must be used for data in transit and at rest, the new regulation states.

72 hours will be a real challenge and time will tell if the new regulations will work successfully.

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