DFSвЂ™s cybersecurity legislation calls for banking institutions, insurance firms, as well as other monetary solutions organizations managed by DFS to own a cybersecurity system built to protect customersвЂ™ personal information; a written policy or policies which are authorized because of the board or even an officer that is senior a Chief Ideas safety Officer to simply help protect information and systems; and settings and plans set up to simply help make sure the security and soundness of brand new YorkвЂ™s economic solutions industry.
A duplicate for the guidance can for depository and nondepository organizations can be located right right right right here.
A duplicate of this guidance for insurance coverage organizations can here be found.
pr release – September 18, 2017: Governor Cuomo Announces New Actions to guard New Yorkers’ private information in Wake of Equifax Security Breach
Proposed Regulation Requires Credit Score 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 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 response towards 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 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 yearly reporting responsibility also supplies the DFS Superintendent because of 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 located become away from conformity with particular prohibited practices, including participating in unfair, misleading or predatory techniques.
“an individual’s credit rating impacts just about any element of their life and we’ll perhaps not stay idle by while New Yorkers remain unprotected from cyberattacks because of lax security,” Governor Cuomo stated. “Oversight of credit rating agencies may help make certain that private information is less susceptible to cyberattacks along with other nefarious acts in this quickly changing electronic globe. The Equifax breach ended up being a wakeup call in accordance with this course of action nyc is increasing the club for customer protections that people wish is supposed 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 consist of a company’s officers or directors that will lead to conformity using the services that are financial banking, and insurance coverage rules, and regulations.
“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. “this really is one necessary action of a few that DFS will need to safeguard nyc’s areas, customers 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 discovers that the applicant or any member, major, officer or manager regarding the applicant, just isn’t 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 adhere to any minimal standard.