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Cyberregulations in NY would impact financial institutions
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Banking
Tuesday, September 20, 2016
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The New York Department of Financial Services has proposed cyberregulations that would cover banks, insurance companies and other financial institutions regulated by the department.
The proposals would require banks, insurance companies, and other financial services institutions regulated by the department to establish and maintain a cybersecurity program, establish policies and procedures, designate a chief information security officer, move toward encryption of all nonpublic information in transit and in rest, and file annual certificates of compliance with the state.
The regulations would take effect Jan. 1, 2017, and certificates of compliance would be required to be filed by Jan. 15, 2018. Read on for the details.
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