DFS’s cybersecurity legislation calls for banking institutions, insurance firms, along with other monetary solutions organizations controlled by DFS to own a cybersecurity system made to protect customers’ personal information; a written policy or policies which can be authorized because of the board or an officer that is senior a Chief Ideas safety 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 economic solutions industry.
A duplicate for the guidance can for depository and institutions that are nondepository be located right right here.
A duplicate regarding the guidance for insurance coverage organizations can here be found.
pr release – September 18, 2017: Governor Cuomo Announces New Actions to safeguard New Yorkers’ information that is personal 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 nyc’s Regulated Financial Institutions and people
View Proposed Regulation Right Right Right Here
As a result 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 rating 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 offers the DFS Superintendent aided by the authority to reject and possibly revoke a credit reporting agency’s authorization to complete company with ny’s regulated finance institutions and customers in the event that agency is available to be away from conformity with particular prohibited practices, including participating in unjust, misleading or predatory techniques.
“an individual’s credit score impacts just about any element of their life and we’ll perhaps 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 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 in accordance with this course of action ny is increasing the bar for customer protections that individuals wish will soon 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 type must add a company’s officers or directors that will lead to conformity using the economic solutions, banking, and insurance coverage legislation, and laws.
“the information 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. “this really is one necessary action of a few that DFS will require to safeguard ny’s areas, customers and information that is sensitive criminals.”
The DFS Superintendent may will not renew a credit reporting agency’s enrollment in the event that Superintendent discovers that the applicant or any member, major, officer or director of this applicant, is certainly not 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 conform to any minimal standard.
