DFSвЂ™s cybersecurity legislation calls for banking institutions, insurance firms, as well as other economic solutions institutions managed by DFS to possess a cybersecurity system made to protect customersвЂ™ personal data; a written policy or policies being authorized because of the board or an officer that is senior a Chief Ideas protection Officer to simply help protect information and systems; and settings and plans set up to simply help make sure the security and soundness of brand new YorkвЂ™s monetary services industry.
A duplicate associated with the guidance can for depository and nondepository organizations can be located right right here.
A duplicate associated with the guidance for insurance coverage organizations can be located right here.
pr 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 Score Agencies to Conform 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
In reaction to your 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 ny the very first time and conform to this state’s first-in-the-nation cybersecurity standard.
The annual reporting responsibility also offers 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 specific prohibited practices, including participating in unjust, misleading or predatory techniques.
“an individual’s credit score impacts nearly all section of their life and we’ll perhaps perhaps 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 sure that private information is less vulnerable to cyberattacks along with other nefarious functions in this quickly changing world that is digital. The Equifax breach ended up being a wakeup call sufficient reason for this step ny is increasing the club for customer protections that individuals hope will likely be replicated throughout the country.”
Beneath the proposed legislation, all customer credit rating agencies that run in nyc must register yearly with DFS beginning on or before February 1, 2018 and also by February 1 of each and every successive 12 months for the twelve months thereafter. The enrollment kind must consist of a company’s officers or directors that will result in conformity utilizing the economic services, banking, and insurance coverage regulations, and laws.
“the information breach at Equifax demonstrates the need of strong state regulation like ny’s first-in-the-nation cybersecurity actions,” said Financial Services Superintendent Maria T. Vullo. “this can be 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 restore a credit rating reporting agency’s enrollment in the event that Superintendent discovers that the applicant or any member, major, officer or manager of this 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 standard that is minimum.