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NY’s financial regulator will oversee new cyber-security rules

Joe Mont | September 14, 2016

New York state has announced a new, “first-in-the-nation regulation…to protect [it] from the ever-growing threat of cyber-attacks.” The proposed regulation requires banks, insurance companies, and other financial services institutions regulated by its Department of Financial Services to establish and maintain a cyber-security program designed to protect consumers and ensure the safety and soundness of the financial services industry.

The proposed regulation requires regulated financial institutions to establish a cyber-security program; adopt a written cyber-security policy; designate a Chief Information Security Officer responsible for implementing, overseeing and enforcing its new program and policy; and have policies and procedures designed to ensure the security of information systems and nonpublic information accessible to, or held by, third-parties, along with a variety of other requirements to...

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