The controversial new regulations are the first in the nation, and may not be the last…
An article review.
On March 1 New York State became the first in the nation to impose its own cybersecurity regulations on banking institutions.
Though banking institutions have 180 days to come into compliance, there are complaints that the regulations place a burden on the institutions and that there hasn’t been enough time to consider them. These complaints were echoed by the American Banker’s Association, which adds that these new regulations may come into conflict with Federal cybersecurity regulations.
The regulations themselves include the requirement that banks have a CISO or Chief Information Security Officer, and that they report cybersecurity related incidents within 72 hours. Additionally, annual penetration tests, risk assessments and encryption of data in transit and at rest are included in the regulations. Institutions will have to submit a letter certifying compliance to New York State every year.
As the financial capital of the world, many are watching to see what impact these regulations may have–and if they are effective we may see other states following New York’s lead, meaning these regulations are worth a second look no matter where you do business.
Original article by Jeremy Kirk writing for Data Breach Today.