DFSвЂ™s cybersecurity legislation calls for banking institutions, insurance providers, as well as other monetary solutions organizations managed by DFS to own a cybersecurity system made to protect customersвЂ™ personal information; a written policy or policies which can be authorized by the board or even an officer that is senior a Chief Suggestions safety Officer to simply help protect information and systems; and settings and plans in position to assist guarantee the security and soundness of brand new YorkвЂ™s monetary solutions industry.
A duplicate of this guidance can for depository and institutions that are nondepository be located right here.
A duplicate of this 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 Score 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 Time that is first Ever
DFS Superintendent May Deny or Revoke Agencies’ Authorization to Do company with nyc’s Regulated Financial Institutions and people
View Proposed Regulation Right Right Here
In reaction into the recent cyberattack that 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 brand new regulation 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 aided by the authority to reject and possibly revoke a credit rating reporting agency’s authorization doing company with nyc’s regulated banking institutions and customers in the event that agency is available to be away from conformity with particular prohibited practices, including participating in unjust, misleading or predatory techniques.
“an individual’s credit score impacts nearly all element of their everyday lives and we’ll perhaps perhaps perhaps maybe 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 sure that private information is less susceptible to cyberattacks along with other nefarious functions in this rapidly changing world that is digital. The Equifax breach had been a wakeup call along with this course of action nyc is increasing the club for customer protections that people wish are going 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 every successive 12 months for the season thereafter. The enrollment kind must consist of a company’s officers or directors that will result in conformity aided by the services that are financial banking, and insurance coverage regulations, and laws.
“the information 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 can be one necessary action of a few that DFS will need to safeguard nyc’s areas, consumers and painful and sensitive information from crooks.”
The DFS Superintendent may will not restore a credit rating reporting agency’s enrollment in the event that Superintendent finds that the applicant or any member, major, officer or manager associated with the applicant, just isn’t trustworthy and competent to do something as or perhaps in experience of 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 minimal standard.