DFSвЂ™s cybersecurity legislation calls for banking institutions, insurance providers, along with other economic solutions organizations controlled by DFS to own a cybersecurity system made to protect customersвЂ™ personal information; a written policy or policies which are authorized because of the board or perhaps an officer that is senior a Chief Suggestions protection Officer to simply help protect information and systems; and settings and plans set up to greatly help make sure the security and soundness of brand new YorkвЂ™s monetary solutions industry.
A duplicate for the guidance can for depository and institutions that are nondepository be located right right here.
A duplicate regarding the guidance for insurance coverage organizations can here be found.
news release – September 18, 2017: Governor Cuomo Announces New Actions to safeguard New Yorkers’ private information in Wake of Equifax Security Breach
Proposed Regulation Needs Credit History Agencies to Comply with New York’s First-in-the-Nation Cybersecurity Regulation
Regulation Would provide the DFS Oversight of Credit Reporting Agencies when it comes to very first time Ever
DFS Superintendent May Deny or Revoke Agencies’ Authorization to Do company with ny’s Regulated Financial Institutions and people
View Proposed Regulation Right Here
In reaction into 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 new legislation making credit scoring agencies to join up with nyc the very first time and adhere to this state’s first-in-the-nation cybersecurity standard.
The yearly reporting responsibility also supplies the DFS Superintendent aided by the authority to reject and possibly revoke a credit rating reporting agency’s authorization to accomplish 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 unfair, misleading or predatory techniques.
“an individual’s credit score impacts just about any section of their life and we’ll perhaps maybe not stay idle by while New Yorkers remain unprotected from cyberattacks because of lax security,” Governor Cuomo stated. “Oversight of credit scoring 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 along with the bar is being raised by this action New York for customer protections that individuals wish will soon 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 consist of a company’s officers or directors who can lead to conformity because of the monetary solutions, banking, and insurance coverage regulations, and laws.
“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. “that is one necessary action of a few that DFS takes to guard nyc’s areas, customers and delicate information from 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 for the applicant, just isn’t trustworthy and competent to behave as or in reference to a credit rating reporting agency, or that the agency has provided cause for revocation or suspension system of these enrollment, or has neglected to adhere to any minimal standard.