Insights

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The New York Department of Financial Services (DFS) Cybersecurity Symposium on March 29, included a presentation entitled “Modernizing Cybersecurity Supervision,” presented by Assistant Deputy Superintendent William Peterson. The presentation outlined new efforts by DFS to revamp its supervision process to address modern cybersecurity challenges and to better evaluate how companies can prepare for and respond to attacks. Mr. Peterson identified several new tools to provide DFS with a more informative starting point, as well as create a more collaborative environment with covered entities. Security ratings are useful in settings like the DFS evaluations because they measure large pools of data. This data also gives an outside-in viewpoint, which will combine with an inside-out viewpoint collected via a questionnaire process called the Cybersecurity and Information Technology Baseline Risk Questionnaire (CIBRQ). DFS regulated entities will be required to periodically complete the new CIBRQ questionnaire tool. By combining traditional exam data and incorporating…