Category Archives: New York DFS

Deadline passes for companies to comply with New York’s cybersecurity regulation

Posted on by

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 […]

The post Deadline passes for companies to comply with New York’s cybersecurity regulation appeared first on CyberScoop.

Continue reading Deadline passes for companies to comply with New York’s cybersecurity regulation→

Banks preparing for heightened New York cybersecurity laws to take effect

Posted on by

This week, senior executives from more than 3,000 banks, insurers and other financial services companies doing business in New York will have to personally certify that their computer networks are protected by a cybersecurity program appropriate for their organization’s risk profile. The certification, imposed by the state’s banking regulator as part of its state cybersecurity rules, is the first in a slew of new requirements that will come into effect this year in New York — one of the leading centers of the global banking system. The requirement for personal certification is being compared to the post-Enron Sarbanes-Oxley corporate governance reforms that upended boardrooms across the country. The so-called SOX regulations require one of the company’s top executives to sign off on the integrity and accuracy of its financial information. In the same way, attorney Craig Newman told CyberScoop, the new regulations from New York’s Department of Financial Services (DFS) […]

The post Banks preparing for heightened New York cybersecurity laws to take effect appeared first on Cyberscoop.

Continue reading Banks preparing for heightened New York cybersecurity laws to take effect→