Golodner Quoted in IFLR on Proposed NYS Digital Security Laws
In “NYC’s Cyber Security Rules Raises Concern,” International Financial Law Review (IFLR) interviewed Litigation partner and the leader of Kaye Scholer’s Global Cybersecurity & Privacy group, Adam Golodner, regarding New York State’s recently proposed rules to tighten digital security among the state’s many financial services companies.
These rules have been met with skepticism from some due to the stringency of some regulations. Additionally, the scope of the proposed laws goes beyond any current federal-level regulations and is in conflict with federal-level guidance developed by the Federal Financial Institutions Examination Council. Many are concerned that due to the fact that this law is too broadly written and in theory may apply to any state-licensed entity, US or foreign third-party provider, the regulators do not have a complete understanding of the existing framework and of certain characteristics in the sector.
Said Golodner, "I'm a bit concerned about this approach. It’s too regulatory—both the federal and most local governments have looked at this issue, and financial institutions themselves are the most cyber prepared and mature group already.”