DFS’s cybersecurity legislation calls for banking institutions, insurance vendors, along with other economic solutions organizations managed by DFS to possess a cybersecurity system made to protect customers’ personal information; a written policy or policies which can be authorized because of the board or even an officer that is senior a Chief Suggestions safety Officer to simply help protect information and systems; and controls and plans set up to greatly help guarantee the security and soundness of brand new York’s economic solutions industry.
A duplicate associated with the guidance can for depository and institutions that are nondepository be located right right here.
A duplicate for the guidance for insurance coverage organizations can be located right here.
news release – September 18, 2017: Governor Cuomo Announces New Actions to safeguard New Yorkers’ private information in Wake of Equifax Security Breach
Proposed Regulation Needs Credit Score Agencies to Adhere To 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 Here
As a result to your recent cyberattack that exposed the non-public 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 nyc 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 with all the authority to reject and possibly revoke a credit rating reporting agency’s authorization to complete company with ny’s regulated finance institutions and customers in the event that agency is located become away from conformity with particular prohibited practices, including participating in unjust, misleading or predatory methods.
“an individual’s credit score impacts just about any section 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 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 had been a wakeup call along with this course of action ny is increasing the club for customer protections that people wish will likely 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 registration kind must consist of a company’s officers or directors that will result in conformity aided by the services that are financial banking, and insurance coverage guidelines, 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 guard ny’s markets, customers and painful and sensitive information from 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 for the applicant, is certainly not trustworthy and competent to do something as or perhaps 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 minimal standard.
