It’s been almost five years since the Final NYDFS Regulation, covered entities have now transitioned to a compliance phase. Let’s take a look at the current state of the regulation, but first a step back.
Almost all decisions and strategies in modern organizations are data-driven. Data breaches that make the data inaccessible can therefore tamper with normal company operations. Also, if it gets in the wrong hands, such sensitive data can be used to harm the company and third parties, such as suppliers, employees, and customers. Unfortunately, the prioritized digitization and automation of IT systems have made companies more vulnerable to data breaches.