DFS’s cybersecurity legislation calls for banking institutions, insurance firms, along with other monetary solutions organizations managed by DFS to possess a cybersecurity system made to protect consumers’ personal information; a written policy or policies which are authorized by the board or an officer that is senior a Chief Suggestions protection Officer to simply help protect information and systems; and settings and plans in position to greatly help make sure the security and soundness of brand new York’s monetary solutions industry.
A duplicate associated with the guidance can for depository and nondepository organizations can be located right here.
A duplicate associated with guidance for insurance coverage organizations can be located here.
pr release – September 18, 2017: Governor Cuomo Announces New Actions to safeguard New online payday MO 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 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 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 new legislation making credit scoring agencies to join up with ny the very first time and conform to this state’s first-in-the-nation cybersecurity standard.
The reporting that is annual also gives 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 become away from conformity with specific prohibited practices, including participating in unjust, misleading or predatory methods.
“an individual’s credit score affects just about any element of their life 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 can help make sure that private information is less in danger of cyberattacks as well as other nefarious functions in this quickly changing world that is digital. The Equifax breach was a wakeup call in accordance with the bar is being raised by this action New York for customer protections that people wish are going to be replicated over 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’ll result in conformity using the monetary solutions, 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 might be one necessary action of a few that DFS will need to safeguard ny’s areas, customers and information that is sensitive crooks.”
The DFS Superintendent may refuse to restore a credit rating reporting agency’s enrollment in the event that Superintendent discovers that the applicant or any member, major, officer or manager associated with applicant, just isn’t trustworthy and competent to do something as or in experience of a credit rating reporting agency, or that the agency has offered cause of revocation or suspension system of these enrollment, or has neglected to adhere to any minimal standard.
