DFSвЂ™s cybersecurity legislation calls for banking institutions, insurance firms, as well as other monetary solutions organizations managed by DFS to possess a cybersecurity system built to protect customersвЂ™ personal information; a written policy or policies which can be authorized by the board or perhaps an officer that is senior a Chief Ideas safety Officer to simply help protect information and systems; and settings and plans set up to simply help ensure the security and soundness of brand new YorkвЂ™s economic solutions industry.
A duplicate regarding the guidance can for depository and nondepository organizations can be located right here.
A copy associated with the guidance for insurance organizations can here be found.
news release – September 18, 2017: Governor Cuomo Announces New Actions to guard New Yorkers’ information that is personal in Wake of Equifax Security Breach
Proposed Regulation Needs Credit History Agencies to Adhere To New York’s First-in-the-Nation Cybersecurity Regulation
Regulation Would provide the DFS Oversight of Credit Reporting Agencies for the very first time Ever
DFS Superintendent May Deny or Revoke Agencies’ Authorization to Do company with legit payday loans in Maryland nyc’s Regulated Financial Institutions and people
View Proposed Regulation Right Here
In reaction to your cyberattack that is recent exposed the non-public private data of almost 150 million customers nationwide, Governor Andrew M. Cuomo today directed the Department of Financial solutions to issue brand new legislation making credit scoring agencies to join up with ny the very first time and adhere to this state’s first-in-the-nation cybersecurity standard.
The reporting that is annual also supplies the DFS Superintendent because of the authority to reject and possibly revoke a credit rating reporting agency’s authorization to complete company with ny’s regulated banking institutions and customers in the event that agency is available become away from compliance with specific prohibited practices, including participating in unjust, misleading or predatory methods.
“an individual’s credit rating impacts nearly all section of their everyday lives and we’ll perhaps perhaps perhaps not stay idle by while New Yorkers remain unprotected from cyberattacks as a result of security that is lax” Governor Cuomo stated. “Oversight of credit rating agencies can help make certain that private information is less susceptible to cyberattacks as well as other nefarious functions in this quickly changing electronic globe. The Equifax breach had been a wakeup call in accordance with this course of action ny is increasing the club for customer protections that people wish is supposed to be replicated throughout the country.”
All consumer credit reporting agencies that operate in New York must register annually with DFS beginning on or before February 1, 2018 and by February 1 of each successive year for the calendar year thereafter under the proposed regulation. The enrollment kind must add a company’s officers or directors who can lead to conformity aided by the economic solutions, banking, and insurance coverage guidelines, and regulations.
“the info breach at Equifax demonstrates the need of strong state legislation like ny’s first-in-the-nation cybersecurity actions,” said Financial Services Superintendent Maria T. Vullo. “this will be one necessary action of a few that DFS will require to guard ny’s areas, customers and information that is sensitive criminals.”
The DFS Superintendent may will not restore a credit rating reporting agency’s enrollment in the event that Superintendent discovers that the applicant or any member, major, officer or manager for the applicant, just isn’t trustworthy and competent to do something as or perhaps in reference to a credit reporting agency, or that the agency has provided cause for revocation or suspension system of these enrollment, or has neglected to conform to any standard that is minimum.