DFS’s cybersecurity legislation calls for banking institutions, insurance firms, as well as other monetary solutions organizations controlled by DFS to possess a cybersecurity system built to protect customers’ 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 data and systems; and settings and plans in position to greatly help guarantee the security and soundness of brand new York’s economic solutions industry.
A duplicate of this guidance can for depository and nondepository organizations can be located right right here.
A duplicate regarding the guidance for insurance coverage organizations can here be found.
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 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 nyc’s Regulated Financial Institutions and people
View Proposed Regulation Right Right Right Here
In reaction to your 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 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 ny’s regulated banking institutions and customers in the event that agency is available become away from conformity with specific prohibited practices, including participating in unjust, misleading or predatory techniques.
“an individual’s credit rating impacts nearly all element of their life and we’ll maybe maybe not stay idle by while New Yorkers remain unprotected from cyberattacks because of lax security,” Governor Cuomo stated. “Oversight of credit scoring agencies may help make sure private information is less susceptible to cyberattacks as well as other nefarious functions in this quickly changing world that is digital. The Equifax breach had been a wakeup call along with this step nyc is increasing the club for customer protections that individuals wish will likely to be replicated throughout the country.”
Underneath the proposed legislation, all customer credit scoring agencies that run in ny must register yearly with DFS beginning on or before February 1, 2018 and also by February 1 of every successive 12 months when it comes to twelve months thereafter. The enrollment kind must add a company’s officers payday loans South Dakota online or directors who can lead to conformity because of the economic solutions, banking, and insurance coverage rules, 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 really is one necessary action of a few that DFS will require to safeguard ny’s areas, customers and sensitive and painful 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 director of this applicant, just isn’t trustworthy and competent to behave 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 minimal standard.