NY banking sector to implement stricter cyber measures

The financial services regulatory authority for New York State has released details regarding possible new IT security regulations under its own jurisdiction.

The rules, which will be for insurance firms and banks, come after a number of cyber attacks on high-profile companies. Under the rules, financial institutions and companies will be required to employ a chief officer for information security and assume a process featuring multiple steps for enabling both customers and workers to access their systems.

The New York Financial Department of Services (NYDFS) revealed the details in a recent letter it sent to other federal and state regulators, and features more information that it has previously disclosed regarding the intended regulations.

NYDFS publicised the letter at the same time that prosecutors accused three individuals of helping to run a number of fraud and hacking schemes, which include last year’s attack on JPMorgan Chase and Co.

Acting superintendent for NYDFS, Anthony Albanese, said in his letter to multiple regulators:

“It is our hope that this letter will help spark additional dialogue, collaboration and, ultimately, regulatory convergence among our agencies on new, strong cyber security standards for financial institutions.”

The UK also needs to sit up and take notice when it comes to cyber security, and not just in the finance industry. All SMEs are at risk of the next wave of cyber attacks and need to take any measures they can, beginning by making cyber security jobs available to those with the necessary skills to prevent being affected by such an attack.