DFSвЂ™s cybersecurity legislation calls for banking institutions, insurance providers, along with other monetary solutions organizations managed by DFS to own a cybersecurity system made to protect customersвЂ™ personal information; a written policy or policies which can be authorized because of the board or an officer that is senior a Chief Suggestions safety Officer to simply help protect information and systems; and settings and plans in position to assist make sure the security and soundness of brand new YorkвЂ™s economic solutions industry.
A duplicate associated with the guidance can for depository and institutions that are nondepository be located right here.
A copy associated with guidance for insurance coverage organizations can here be found.
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 supply the DFS Oversight of Credit Reporting Agencies for the very first time 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 reaction into the cyberattack that is recent exposed the non-public private information of almost 150 million consumers nationwide, Governor Andrew M. Cuomo today directed the Department of Financial solutions to issue new legislation making credit rating 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 obligation also supplies the DFS Superintendent using the authority to deny 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 available become away from conformity with particular prohibited practices, including participating in unjust, misleading or predatory techniques.
“an individual’s credit rating impacts nearly all element of their everyday lives and we’ll perhaps maybe maybe 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 certain that private information is less in danger of cyberattacks along with other nefarious functions in this quickly changing world that is digital. The Equifax breach ended up being a wakeup call in accordance with this course of action ny is increasing the club for customer protections that people wish are going to 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 season thereafter. The enrollment type must add a company’s officers or directors that will result in conformity utilizing the monetary solutions, banking, and insurance coverage regulations, and laws.
“the information breach at Equifax demonstrates the need of strong state legislation like nyc’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 ny’s areas, customers and painful and sensitive information from crooks.”
The DFS Superintendent may will not renew 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, isn’t trustworthy and competent to behave as or in reference to a credit rating reporting agency, or that the agency has provided cause for revocation or suspension system of these enrollment, or has neglected to conform to any minimal standard.