DFSвЂ™s cybersecurity legislation calls for banking institutions, insurance vendors, as well as other monetary solutions organizations managed by DFS to possess a cybersecurity system made to protect customersвЂ™ personal information; a written policy or policies which are authorized because of the board or perhaps an officer that is senior a Chief Suggestions protection Officer to simply help protect information and systems; and settings and plans set up to greatly help make sure the security and soundness of brand new YorkвЂ™s economic solutions industry.
A duplicate associated with the guidance can for depository and nondepository organizations can be located 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 guard New Yorkers’ information that is personal in Wake of Equifax Security Breach
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 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 Right Here
In reaction to your recent cyberattack that exposed the private private information of nearly 150 million customers nationwide, Governor Andrew M. Cuomo today directed the Department of Financial solutions payday loans Texas to issue brand brand brand new legislation making credit rating agencies to join up with nyc the very first time and adhere to this state’s first-in-the-nation cybersecurity standard.
The yearly reporting responsibility also offers the DFS Superintendent with all the authority to reject and possibly revoke a credit rating 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, misleading or predatory methods.
“someone’s credit score impacts nearly all element of their life and we’ll perhaps not stay idle by while New Yorkers remain unprotected from cyberattacks because of security that is lax” Governor Cuomo said. “Oversight of credit scoring agencies can help make certain that personal information is less in danger of cyberattacks as well as other nefarious functions in this quickly changing electronic globe. The Equifax breach had been a wakeup call sufficient reason for this course of action ny is increasing the club for customer protections that individuals wish will soon be replicated throughout 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 consist of a company’s officers or directors that will lead to conformity aided by the services that are financial banking, and insurance coverage rules, and laws.
“the info 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. “that is one necessary action of a few that DFS will require to safeguard ny’s areas, customers and information that is sensitive crooks.”
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 for the applicant, just isn’t trustworthy and competent to behave as or perhaps in experience of 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 standard that is minimum.