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New York Becomes First State to Launch Cyber-Security Exams for Banks

Bruce Carton | December 12, 2014

Add the New York Department of Financial Services to the growing list list of regulators (such as the SEC and FINRA) who will be scrutinizing the cybersecurity practices of Wall Street banks and financial institutions. 

On Wednesday, Benjamin Lawsky, New York's Superintendant of Financial Services, stated in a letter to all chartered or licensed banking institutions in New York State that his Department will be expanding its information technology examination procedures to focus on cybersecurity. This will make New York the first state to conduct its own cybersecurity exams on banks, according to the American Banker.


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