Private equity firms doing business in the state of New York must adopt cybersecurity protections to comply with new requirements issued by the New York Department of Finance. The goal of the regulations is to avoid customer data breaches and other cybersecurity breakdowns, such as the suspected hacking of Chipotle customers’ debit and credit card information and the breach that exposed AMP Futures trading account applicants.

The new cybersecurity regulation, which applies to all financial services companies in the state, went into effect on March 1. Companies have 180 days to comply with some of the requirements and up to two years to comply with all of them.

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