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NY Financial Regulators Weigh Cybersecurity Requirements

The city has not revealed the type of ransomware it was infected with, if it knows who was behind the attack, or where it originated from.
Yuri Samoilov/Flickr

New York regulators are considering a host of cybersecurity requirements for banks and insurers and are urging other state and federal authorities to collaborate on establishing a framework of defenses for the financial sector.

Financial Services Superintendent Anthony Albanese says in a letter Tuesday to other regulators that his agency has surveyed more than 150 banks and 43 insurers since 2013 and begun conducting risk assessments of financial institutions.

They have concluded companies have taken significant steps but will be challenged by increasingly sophisticated threats and "robust regulation" is needed.

New York's key proposals would require written cybersecurity policies implemented in areas ranging from access controls to incident responses.

Managing third-party providers would require multi-factor identity authentication, use of data encryption, loss indemnification, warranties, incident notices and audits.

Copyright 2015 The Associated Press.

Dave Lucas is WAMC’s Capital Region Bureau Chief. Born and raised in Albany, he’s been involved in nearly every aspect of local radio since 1981. Before joining WAMC, Dave was a reporter and anchor at WGY in Schenectady. Prior to that he hosted talk shows on WYJB and WROW, including the 1999 series of overnight radio broadcasts tracking the JonBenet Ramsey murder case with a cast of callers and characters from all over the world via the internet. In 2012, Dave received a Communicator Award of Distinction for his WAMC news story "Fail: The NYS Flood Panel," which explores whether the damage from Hurricane Irene and Tropical Storm Lee could have been prevented or at least curbed. Dave began his radio career as a “morning personality” at WABY in Albany.
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