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Life Settlement Companies Among Those ‘Scrambling’ to Comply with New York’s New Complex Cybersecurity Reglations, Says Report

“Life settlement companies are scrambling to meet complicated cybersecurity rules imposed by a New York regulator,” reports The Deal in an article entitled “Market Players Scramble to Meet New York Cybersecurity Rules”.

The article describes the New York State Department of Financial Services’ cybersecurity rules that went into effect March 1 and are aimed a protecting private personal information of individuals from cyber threats, and how the rule gives companies holding such information – including banks and other financial service companies, but also including life settlement companies – until Sept. 1 to meet the first deadline for the phased in rules that require companies to asses risks, create policies and procedures to address the risks, and annually certify regulatory compliance with New York’s regulators.

The article is available here (subscription required).