DFSвЂ™s cybersecurity legislation calls for banking institutions, insurance vendors, as well as other monetary solutions organizations controlled by DFS to possess a cybersecurity system made to protect customersвЂ™ personal information; how many payday loans can you have in Georgia a written policy or policies which can be authorized because of the board or even an officer that is senior a Chief Ideas safety Officer to simply help protect information and systems; and settings and plans set up to assist make sure the safety and soundness of brand new YorkвЂ™s monetary solutions industry.
A duplicate associated with the guidance can for depository and institutions that are nondepository be located right right here.
A duplicate of this guidance for insurance coverage organizations can here be found.
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 supply 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 Right Here
As a result towards the 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 New York for the first time and adhere to this state’s first-in-the-nation cybersecurity standard.
The reporting that is annual also supplies the DFS Superintendent because of the authority to reject and possibly revoke a credit rating reporting agency’s authorization to complete company with nyc’s regulated banking 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 rating impacts just about any section of their life and we’ll perhaps maybe perhaps perhaps not stay idle by while New Yorkers remain unprotected from cyberattacks because of security that is lax” Governor Cuomo stated. “Oversight of credit scoring agencies can help make sure private information is less susceptible to cyberattacks along with other nefarious functions in this quickly changing electronic globe. The Equifax breach ended up being a wakeup call along with the bar is being raised by this action New York for customer protections we wish would be replicated over the nation.”
All consumer credit reporting agencies that operate in New York must register annually with DFS beginning on or before February 1, 2018 and by February 1 of each successive year for the calendar year thereafter under the proposed regulation. The enrollment type must consist of a company’s officers or directors who can lead to conformity using the economic solutions, banking, and insurance coverage guidelines, and laws.
“the information breach at Equifax demonstrates the need of strong state legislation like ny’s first-in-the-nation cybersecurity actions,” said Financial Services Superintendent Maria T. Vullo. “this really is one necessary action of a few that DFS takes to guard nyc’s areas, customers and delicate 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, just isn’t trustworthy and competent to do something as or in experience of a credit reporting agency, or that the agency has provided cause for revocation or suspension system of these enrollment, or has neglected to conform to any minimal standard.