DFSвЂ™s cybersecurity legislation calls for banking institutions, insurance providers, along with other monetary services organizations controlled by DFS to possess a cybersecurity system made to protect customersвЂ™ personal information; a written policy or policies which are authorized by the board or an officer that is senior a Chief Ideas protection Officer to simply help protect information and systems; and settings and plans in position to simply help make sure the security and soundness of brand new YorkвЂ™s monetary solutions industry.
A duplicate associated with the guidance can for depository and nondepository organizations can be located right right right here.
A duplicate associated with guidance for insurance coverage organizations can be located right here.
news release – 18, 2017: Governor Cuomo Announces New Actions to Protect New Yorkers’ Personal Information in Wake of Equifax Security Breach september
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 ny’s Regulated Financial Institutions and Consumers
View Proposed Regulation Right Here
In reaction towards the recent cyberattack that exposed the non-public private information of almost 150 million customers nationwide, Governor Andrew M. Cuomo today directed the Department of Financial solutions to issue brand brand brand new legislation making credit rating agencies to join up with nyc 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 utilizing the authority to reject and possibly revoke a credit rating reporting agency’s authorization doing company with nyc’s regulated finance institutions and customers in the event that agency is available become away from conformity with specific prohibited practices, including participating in unfair, misleading or predatory techniques.
“an individual’s credit rating impacts just about any section of their everyday lives and we’ll maybe perhaps maybe not stay idle by while New Yorkers remain unprotected from cyberattacks as a result of lax security,” Governor Cuomo stated. “Oversight of credit scoring agencies can help make sure that private information is less susceptible to cyberattacks as well as other nefarious functions in this quickly changing world that is digital. The Equifax breach was a wakeup call along with this course of action nyc is increasing the club for customer protections we wish will likely to be replicated over the country.”
Underneath the proposed legislation, all customer credit scoring agencies that run in nyc must register yearly with DFS beginning on or before February 1, 2018 and also by February 1 of each and every successive 12 months when it comes to season thereafter. The enrollment kind must add a company’s officers or directors that will lead to conformity because of the services that are financial banking, and insurance coverage legislation, and laws.
“the info breach at Equifax demonstrates the requirement of strong state legislation like ny’s first-in-the-nation cybersecurity actions,” said Financial Services Superintendent Maria T. Vullo. “this is certainly one necessary action of a few that DFS will need to guard ny’s areas, customers and information that is sensitive crooks.”
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 regarding the applicant, just isn’t trustworthy and competent to do something as or perhaps in reference to a credit rating reporting agency, or that the agency has provided cause of revocation or suspension system of these enrollment, or has neglected to adhere to any standard that is minimum.