Training Wheels are Off – NYS DFS Transitional Period Finished
The two-year transitional period implemented by the New York State Department of Financial Services (NYS DFS) regarding their Cybersecurity framework, 23 NYCRR 500, finished this past March 1, 2019. This doesn’t mean the work ends here, but essentially it’s just getting started. The state of New York allowed institutions, or covered entities, a 24 month break in period before having to adhere to all phases per year. The training wheels are off and all phases will have to be obtained yearly moving forward.