New Cybersecurity Requirements for the Financial Service Industry

The New York Department of Financial Services (NYDFS) issued a binding term sheet, mandating a minimum cyber security standard for financial organizations. The aptly titled, “Cybersecurity Requirements For Financial Services Companies” took effect on March 1, 2017. With only six months to meet compliance standards, many mid-tier and boutique businesses have been left scrambling for ... More »

Is the Government the Weak Link in the Financial Sector’s Security Efforts?

After cautioning the financial sector about the critical threat hackers pose, the SEC is facing something of an ironic turn of events. The agency, along with the Commodity Futures Trade Commission, are increasing demands for data from financial organizations, for the purpose of closer monitoring. Financial firms and industry trade groups, however, have responded with ... More »

Bad Cyber Security = Bad Business for Financial Firms

At hedge funds, there’s been an all-too-common assumption that only larger financial institutions really need to worry about cyber security. As small businesses holding fewer assets than the big banks, funds often think of themselves as too small to be a target. “As long as we’re out of the spotlight,” the thinking goes “the bad ... More »

Will the NYDFS Cyber Security Regulations Be a Nightmare for Wall Street?

On September 13, the New York Department of Financial Services (NYDFS) established a first in the finance industry: a sweeping proposal for minimum cyber security standards across the state’s financial organizations. For firms that have been lax in their cyber defense posture, the news likely came as an early start to the Halloween fright fest. ... More »