WASHINGTON – The New York State Department of Financial Services has modified its cybersecurity rule after a strong pushback from bankers, including at a hearing in Albany last week.

The plan was first proposed in September. Among other things, it would have required banks to appoint a chief information security officer. Bankers complained that the rule would be too costly and that it would not conform enough with existing federal regulations to be easily implemented.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry