A regulation recently proposed by Gov. Andrew Cuomo that would require the implementation of a multi-faceted cybersecurity program to protect consumers likely will have a varying level of impact on local financial institutions and insurance companies.
In the regulation — which Cuomo claims is the first of its kind in the nation — banks, insurance companies and other financial service institutions regulated by the state Department of Financial Services must, among other things, adopt a written cybersecurity policy, designate a chief information security officer and develop policies and procedures for dealing with information that is accessible to third-party vendors. “New York, the financial capital of the world, is leading the nation in taking decisive action to protect consumers and our financial system from serious economic harm that is often perpetrated by state-sponsored organizations, global terrorist networks and other criminal enterprises,” Cuomo said in a statement. “This regulation helps guarantee the financial services industry upholds its obligation to protect consumers and ensures that its systems are sufficiently constructed to prevent cyber-attacks to the fullest extent possible.” For the full article click here
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