Time’s up for major banks, insurers and many of the companies they work with to comply with a New York State cybersecurity regulation that requires more data protection measures than anywhere else in the country. The New York State Department of Financial Services Cybersecurity Regulation goes into full effect Friday, two years after officials began to put it in place. “The Department has provided a two year transitional period to address these risks and expects Covered Entities to have completed a thorough due diligence process on all Third Party Service Providers by March 1, 2019,” the department said in an informational page. The rules require DFS-covered entities including financial firms, mortgage brokers, charities and Health Maintenance Organizations to use encryption, multi-factor authentication and tighter third party risk assessments, such as penetration tests, to limit outsiders’ access to corporate data. Covered entities also must notify regulators about a data breach within […]
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