New York State has finalized regulations that will require banks and insurers to meet minimum cyber-security standards.
The standards include reporting breaches to regulators - part of a concentrated drive to beat back increased cyber crime and keep damage to consumers at a minimum. The new rules, which become effective March 1st, require financial firms to protect networks and customer data from hackers.
According to Reuters, the rules call for banks and insurers to annually certify compliance that they have scrutinized security at third-party vendors that provide them goods and services. Institutions subject to the regulation include state-chartered banks, as well as foreign banks licensed to operate in the state, along with any insurer that does business in New York.
