New NY Financial Privacy Regulation Shortens Breach Notification to 72 Hours
by Gant Redmon
August 28, 2017
A new regulation from the New York Department of Financial Services (NYDFS) goes into effect today, and with it comes steeper obligations for privacy professionals. The new law, which applies to all entities registered with the NYDFS, is more challenging than other privacy regulations in the U.S.
It implements a tighter window – 72 hours – for breach notification. For privacy professionals based in the U.S., where notification laws typically allow for 30 days or more, this requirement presents a significant operational challenge. We’ve seen this type of small window be a top concern globally for months now – as it is the same as the EU’s General Data Protection Regulation (GDPR).
The new law also expands the scope of incidents that require notification. Organizations will now be required to notify NYDFS if a cyber security event materially harms the financial institution itself. This means that personal information does not need to be involved to trigger a notification. Additionally, organizations will need to notify NYDFS if any other regulation requires them to notify other regulatory bodies or agencies.
With this new law, privacy professionals will face a wider range of incidents that require investigation and notification – and a much, much shorter timeframe in which to do so. To ensure their organizations can get ahead of these challenges and remain compliant with the new NYDFS regulation, privacy professionals need to prepare and develop faster and more efficient data breach notification processes today.
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