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Thursday, November 12, 2015

N.Y. Regulator Signals New Cyber Regulations

New York’s Department of Financial Services is considering issuing new regulations on cybersecurity for financial institutions, according to a letter the department sent to federal and state regulators on Monday.

The potential rules would require having detailed written cybersecurity policies and procedures, both for the institutions themselves, for applications they use and for third parties that access the institutions’ sensitive data; implementing multi-factor authentication for customer account access and internal access to sensitive systems; designating a chief information security officer; employing “adequate” levels of cybersecurity personnel; conducting annual cybersecurity audits; and notifying NYDFS of certain cyber breach incidents.

Read the letter.