Based on a report released last week about cyber security vulnerabilities faced by financial institutions, New York State Department of Financial Services (“NYDFS”) Superintendent Benjamin Lawsky signaled that the agency will soon move forward with cyber security regulations. The report concluded that banks’ third-party vendors have significant potential cyber security vulnerabilities. Superintendent Lawsky said that the regulations will strengthen cyber security standards for banks’ third-party vendors, including potential measures related to cyber security representations and warranties that banks receive from their vendors... Continue Reading