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New York regulator rolls out cybersecurity proposals for insurance, banks

New York state is proposing new rules requiring banks and insurance companies to establish cybersecurity programs and designate an internal cybersecurity officer.

By Greg Farrell | Updated on September 13, 2016
The biggest impact of the new regulations is likely to be on small banks and insurers, which may now need to bring their cyber programs up to at least a minimum standard. (Photo: Shutterstock)

(Bloomberg) – New York state is proposing new rules requiring banks and insurance companies to establish cybersecurity programs and designate an internal cybersecurity officer, in what Gov. Andrew Cuomo described as a “first-in-the-nation” move to codify cyber safety policies.

The new regulations, proposed by New York’s Department of Financial Services, will apply only to banks and other financial services companies licensed by the Empire State and not to nationally chartered institutions. But as the first regulator to issue guidelines involving cybersecurity, the DFS could set an example for other regulators at the state and federal level. The proposed regulation is subject to a 45-day notice and public comment period before final adoption.

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