Reg. Trends. Gov. & Banking Regulator. State Banking Cyber Security Requirements.

Which state? New York

Which state officials are proposing cyber security regulations for banks/financial institutions? Governor Cuomo & New York State top banking regulator.

What will be required of financial institutions under these state data security regulations?

• Required to hire a chief information security officer
• Must implement measures that detect and deter cyber intrusions
• Must meet consumer protection standards, with companies able to assess their own needs and adopt standards that meet their business
• 72 hours to report a breach to  New York’s Department of Financial Services

The Wall Street Journal | New York Proposes Cybersecurity Regulations for Banks

New York’s Proposed Data Security Regulations for Banks

New York Department of Financial Services | GOVERNOR CUOMO ANNOUNCES PROPOSAL OF FIRST-IN-THE-NATION CYBERSECURITY REGULATION TO PROTECT CONSUMERS AND FINANCIAL INSTITUTIONS

Engadget | New York proposes online security rules for banks and insurers