NY Bank Regulator Warns Of Russian Cyber, Sanctions Risks

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By Jon Hill (February 25, 2022, 7:32 PM EST) — New York’s financial services regulator is urging banks, cryptocurrency companies and other financial firms in the state to prepare for potential Russian cyberattacks as well as attempts to evade the U.S. economic sanctions recently imposed over Russia’s invasion of Ukraine.

In an industry letter issued Friday, the New York State Department of Financial Services outlined key steps that it said financial institutions it oversees should be taking to batten down the hatches amid heightened risks stemming from the Russian assault on Ukraine.

Those risks include what DFS said is a “significantly” elevated threat to the U.S. financial sector from Russian cyber…

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