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Michael H. Krimminger’s practice focuses on U.S. and international banking and financial institutions.

On March 1, 2017, the New York Department of Financial Services’ Cybersecurity Regulations entered into effect.

The Regulations impose on financial institutions minimum cybersecurity standards that exceed existing federal standards and introduce new requirements, including obligations to critically evaluate cybersecurity practices, maintain detailed documentation demonstrating compliance and report cyber events to the New York Department

On September 13, 2016, the New York Department of Financial Services issued the first comprehensive state regulatory proposal to address cybersecurity.

Under the proposed regulations, certain banks, insurers and other financial services institutions authorized to operate in New York will be required to assess their cybersecurity risks and establish and maintain a cybersecurity program designed