New York’s Cybersecurity Regulation continues its phased roll-out on November 1, when licensed financial services companies face a host of new requirements aimed at bolstering breach readiness and improving their ability to recover from disastrous situations. Companies will be required to put in writing how they would address several common pressure points in the breach response and mitigation process – including how they plan to recover from backups if critical data is lost.

Data breaches have become a serious issue for businesses, leading to numerous putative class action lawsuits alleging that the defendants failed to prevent the unauthorized disclosure of personally identifiable information or protected health information of their employees or customers.

The New York Department of Financial Services recently amended its Cybersecurity Regulation. The revisions aim to strengthen cybersecurity and technology controls to address evolving threats to consumer data and ensure the continued integrity of financial systems. Here are a few key elements of the amendments to Regulation and what we think will be their immediate impact on financial institutions.