New York eases proposed cyber regulations after industry complaints

New York state's financial regulator on Wednesday issued a revised proposal for the nation's first cyber security rules for banks and insurers, loosening some security requirements and delaying implementation by two months to March 1. The rules from the New York State Department of Financial Services are being closely because they lay out unprecedented requirements on steps that financial firms must take to protect their networks and customer data from hackers and disclose cyber events to state regulators. "Many organizations are going to have a lot of work to do to come into compliance with these revised regulations," said Jed Davis, a partner with law firm Day Pitney and former U.S. federal cyber crimes prosecutor.

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