DFSвЂ™s cybersecurity legislation calls for banking institutions, insurance firms, as well as other economic solutions organizations controlled by DFS to own a cybersecurity program made to protect customersвЂ™ personal information; a written policy or policies being authorized by the board or even an officer that is senior a Chief Ideas safety Officer to help protect information and systems; and settings and plans set up to aid guarantee the security and soundness of brand new YorkвЂ™s economic solutions industry.
A duplicate regarding the guidance can for depository and institutions that are nondepository be located right right here.
A duplicate associated with guidance for insurance organizations can be located right here.
news release – September 18, 2017: Governor Cuomo Announces New Actions to safeguard New Yorkers’ information that is personal in Wake of Equifax Security Breach
18, 2017 september
Contact: Richard Loconte, 212-709-1691
Proposed Regulation Requires Credit History Agencies to Comply with New York’s First-in-the-Nation Cybersecurity Regulation
Regulation Would supply the DFS Oversight of Credit Reporting Agencies for the very first time Ever
DFS Superintendent May Deny or Revoke Agencies’ Authorization to Do Business with ny’s Regulated Financial Institutions and people
View Proposed Regulation Right Right Here
In reaction 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 ny the very first time and conform 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 accomplish business with nyc’s regulated banking institutions and customers in the event that agency is available become out of conformity with particular prohibited practices, including engaging in unjust, misleading or predatory techniques.
“an individual’s credit score impacts nearly all section of their everyday lives and we’ll maybe maybe 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 that private information is less vulnerable to cyberattacks along with other nefarious functions in this quickly changing world that is digital. The Equifax breach had been a wakeup call in accordance with this course of action nyc is increasing the club for customer protections that people wish would be replicated throughout the country.”
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 that will lead to conformity aided by the services that are financial banking, and insurance rules, and laws.
“the info breach at Equifax demonstrates the requirement of strong state legislation like nyc’s first-in-the-nation cybersecurity actions,” said Financial Services Superintendent Maria T. Vullo. “that is one necessary action of several that DFS will need to guard nyc’s areas, consumers and information that is sensitive 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 regarding the applicant, is certainly not trustworthy and competent to behave as or perhaps in reference to a credit rating reporting agency, or that the agency has offered cause of revocation or suspension system of these enrollment, or has neglected to conform to any minimal standard.
The proposed legislation additionally subjects customer agencies that are reporting exams by DFS as often whilst the Superintendent determines is important, and forbids agencies through the after:
- Straight or indirectly using any scheme, device or artifice to defraud or mislead a customer.
- Participating in any unjust, misleading or act that is predatory training toward any customer or misrepresent or omit any product information in connection with the construction, assessment, or upkeep of a credit file for the customer situated in brand brand brand New York State.
- Participating in any unjust, misleading, or abusive work or practice in violation of part 1036 associated with Dodd-Frank Wall Street Reform and customer Protection Act.
- Including information that is inaccurate any customer report associated with a customer based in brand New York State.
- Refusing to keep in touch with an official agent of a consumer positioned in brand brand brand New York State whom provides a written authorization signed by the customer, so long as the customer credit agency that is reporting follow procedures fairly linked to verifying that the agent is actually authorized to behave with respect to the customer.
- Making any false declaration or make any omission of a product reality associated with any information or reports filed by having a government agency or perhaps in experience of any research carried out because of the superintendent or any other government agency.
In addition, every credit rating agency must adhere to the Department’s cybersecurity legislation, on phased in routine of compliance, starting April 4, 2018. DFS’s cybersecurity legislation calls for banking institutions, insurance firms, along with other economic solutions organizations controlled by DFS to own a cybersecurity system made to protect customers” personal information; a written policy or policies which are authorized because of the board or an officer that is senior a Chief Suggestions safety Officer to simply help protect information and systems; and settings and plans in position to simply help make sure the security and soundness of the latest York’s monetary solutions industry.