Rhode Island’s New Cybersecurity Law for Nonbank Financial Institutions

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Rhode Island has enacted Senate Bill 603 (SB603), effective July 2, 2025, establishing a comprehensive cybersecurity framework for nonbank financial institutions licensed by the state’s Department of Business Regulation (DBR). Although SB603 is closely modeled after the New York Department of Financial Services’ (NYDFS) Cybersecurity Regulation, 23 NYCRR Part 500 (Part 500), SB603 introduces several notable deviations that may influence compliance strategies—particularly for institutions…
By: Alston & Bird
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