DFSвЂ™s cybersecurity legislation calls for banking institutions, insurance companies, as well as other monetary solutions organizations managed by DFS to possess a cybersecurity system built to protect customersвЂ™ personal information; a written policy or policies which can be authorized by the board or an officer that is senior a Chief Ideas protection Officer to simply help protect information and systems; and controls and plans set up to aid make sure the security and soundness of New YorkвЂ™s economic solutions industry.
A duplicate associated with the guidance can for depository and nondepository organizations can be found right right right here.
A duplicate associated with guidance for insurance coverage organizations can be located right here.
news release – 18, 2017: Governor Cuomo Announces New Actions to Protect New Yorkers’ Personal Information in Wake of Equifax Security Breach september
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 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
As a result towards the cyberattack that is recent exposed the private 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 nyc the very first time and adhere to this state’s first-in-the-nation cybersecurity standard.
The reporting that is annual also offers the DFS Superintendent with all the authority to reject and possibly revoke a credit reporting agency’s authorization to accomplish company with nyc’s regulated finance institutions and customers in the event that agency is available become away from conformity with specific prohibited practices, including participating in unjust, deceptive or predatory methods.
“an individual’s credit score impacts just about any section of their everyday lives and we’ll maybe perhaps not stay idle by while New Yorkers remain unprotected from cyberattacks as a result of security that is lax” Governor Cuomo stated. “Oversight of credit scoring agencies can help make sure that private information is less susceptible to cyberattacks as well as other nefarious functions in this payday loans in Connecticut rapidly changing electronic globe. The Equifax breach had been a wakeup call along with the bar is being raised by this action New York for customer protections we wish may be replicated throughout the country.”
Underneath the proposed legislation, all customer credit scoring agencies that run in ny must register yearly with DFS beginning on or before February 1, 2018 and also by February 1 of each and every successive 12 months when it comes to twelve months thereafter. The enrollment kind must consist of a company’s officers or directors that will result in conformity utilizing the services that are financial banking, and insurance coverage rules, 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 is certainly one necessary action of a few that DFS will need to guard nyc’s areas, customers and delicate 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 regarding the applicant, just isn’t trustworthy and competent to do something as or in experience of a credit reporting agency, or that the agency has provided cause of revocation or suspension system of these enrollment, or has neglected to conform to any standard that is minimum.