DFS’s cybersecurity legislation calls for banking institutions, insurance providers, along with other monetary solutions organizations controlled by DFS to possess a cybersecurity system built to protect customers’ personal information; a written policy or policies being authorized by the board or perhaps an officer that is senior a Chief Ideas safety Officer to simply help protect information and systems; and settings and plans in position to aid make sure the security and soundness of brand new York’s economic solutions industry.
A duplicate for the guidance can for depository and institutions that are nondepository be located right here.
A duplicate of this guidance for insurance coverage organizations can be located right here.
pr release – September 18, 2017: Governor Cuomo Announces New Actions to guard New Yorkers’ private information in Wake of Equifax Security Breach
Proposed Regulation Needs Credit History Agencies to Adhere To New York’s First-in-the-Nation Cybersecurity Regulation
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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 ny’s Regulated Financial Institutions and people
View Proposed Regulation Here
In reaction towards the cyberattack that is recent 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 conform to this state’s first-in-the-nation cybersecurity standard.
The yearly reporting responsibility also supplies the DFS Superintendent using the authority to reject and possibly revoke a credit rating reporting agency’s authorization doing company with New York’s regulated finance institutions and customers in the event that agency is located become away from conformity with specific prohibited practices, including participating in unfair, misleading or predatory techniques.
“an individual’s credit rating impacts just about any section of their life and we’ll maybe perhaps perhaps 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 sure 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 had been a wakeup call in accordance with this course of action nyc is raising the club for customer protections that individuals wish will likely be replicated throughout the country.”
Beneath the proposed legislation, all customer credit rating agencies that run in nyc must register yearly with DFS beginning on or before February 1, 2018 and also by February 1 of each and every successive 12 months for the twelve months thereafter. The enrollment kind must consist of a company’s officers or directors that will lead to conformity using the monetary solutions, banking, and insurance coverage rules, 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. “this is certainly one necessary action of a few that DFS will require to guard New York’s areas, customers and information that is sensitive criminals.”
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, is certainly not trustworthy and competent to behave as or perhaps in experience of a credit 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.
