New York DFS Calls for Regulation of Social Media Platforms: New York State Department of Financial Services Calls for Regulation of Social Media Platforms in Report on Investigation of Twitter Hack

Sullivan & Cromwell LLP - October 15, 2020
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On October 14, 2020, the New York State Department of Financial Services released a report regarding a July 2020 hack into the Twitter accounts of celebrities and cryptocurrency firms.  The report includes a proposal that calls for large social media companies to be designated as “systemically important,” and to become subject to a dedicated, enhanced regulatory framework to manage cybersecurity risks.