DFSвЂ™s cybersecurity legislation calls for banking institutions, insurance firms, along with other economic solutions organizations controlled 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 even an officer that is senior a Chief Ideas protection Officer to simply help protect information and systems; and settings and plans set up to simply help 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 regarding the guidance for insurance coverage organizations can be located right here.
pr 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 Conform To New York’s First-in-the-Nation Cybersecurity Regulation
Regulation Would supply 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 Here
As a result into the recent cyberattack that exposed the personal 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 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 using the authority to reject and possibly revoke a credit rating reporting agency’s authorization to accomplish company with nyc’s regulated finance institutions and customers in the event that agency is available become away from conformity with particular prohibited practices, including participating in unjust, misleading or predatory techniques.
“an individual’s credit score impacts just about any element of their everyday lives and we’ll maybe perhaps perhaps not stay idle by while New Yorkers remain unprotected from cyberattacks because of security that is lax” Governor Cuomo stated. “Oversight of credit rating agencies may help make sure private information is less susceptible to cyberattacks along with other nefarious acts in this quickly changing electronic globe. The Equifax breach had been a wakeup call sufficient reason for the bar is being raised by this action New York for customer protections that individuals wish is going 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 type must add a company’s officers or directors who can lead to conformity using the services that are financial banking, and insurance coverage rules, and laws.
“the info breach at Equifax demonstrates the requirement of strong state legislation like nyc’s first-in-the-nation cybersecurity actions,” said Financial Services Superintendent Maria T. Vullo. “that is one necessary action of a few that DFS will need to safeguard nyc’s areas, customers and information that is sensitive crooks.”
The DFS Superintendent may will not restore a credit rating reporting https://titlemax.us/payday-loans-mt/ agency’s enrollment in the event that Superintendent discovers that the applicant or any member, major, officer or manager regarding the applicant, is certainly not trustworthy and competent to behave as or in experience of a credit rating reporting agency, or that the agency has offered cause for revocation or suspension system of these enrollment, or has neglected to conform to any standard that is minimum.