Big news on the cybersecurity front and great news for the cybersecurity industry. New York Governor Andrew Cuomo and the top bank regulator for the state proposed on Tuesday (Sept. 13) that the state be the first to require banks to establish cybersecurity programs.
The regulations, if implemented, could cost banks and insurers millions, as banks would be forced to detect and deter incoming cyberattacks to protect consumer data by implementing systems under a chief information security officer. The banks would also be required to notify New York’s Department of Financial Services (DFS) of any data breach within 72 hours of the occurrence.
State regulation on the reporting of breaches is vague, and large organizations have tended not to report attacks.
Gov. Cuomo said in a statement: “This regulation helps guarantee the financial services industry upholds its obligation to protect consumers and ensure that its systems are sufficiently constructed to prevent cyberattacks to the fullest extent possible.” For the full article click here
from cyber security caucus http://ift.tt/2cAtcZ1
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