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On July 29, 2022, the New York Department of FinancialServices (“NYDFS”) posted proposed amendments (“Proposed Amendments”) to its Cybersecurity Requirements for FinancialServices Companies (“Cybersecurity Regulations”). As part of the “training and monitoring” requirements under Section 500.14
While many cool possibilities are emerging in this space, there’s a nagging “hallucination factor” of LLMs when applied to critical business workflows. When AIs are trained with content found on the internet, they may often provide convincing and believable dialogss, but not fully accurate responses. Transformation.
Connecting cyber and conduct risk – the Report notes that clearly firms are aware of the threats posed by ‘insiders’ but firms need to further consider how they address this risk, in particular by embedding a security culture throughout all aspects of the business. For one, many had defined the threat landscape too narrowly.
On July 29, 2022, the New York Department of FinancialServices (NYDFS) announced a “pre-proposed outreach” of material proposed changes to almost every section of its cybersecurity regulations, and would affect each entity covered by the current regulations of 23 NYCRR Part 500.
The first, upskilling, is the process of improving employee skill sets through training and development programs. Financialservices Employees in finance increasingly have enhanced tools to help them make better investments on behalf of their clients. The future of work can leave many unprepared employees behind.
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