Will New Cybersecurity Legislation Offer Better Protection for Consumers?

Will New Cybersecurity Legislation Offer Better Protection for Consumers?

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New York state officials recently adopted comprehensive cybersecurity regulations focused on preventing cyber-attacks in the financial services sector. These regulations, which took effect on March 1, are the first of their kind in the United States. Previous US cybersecurity laws and regulations date back to the 1980s but historically focused almost exclusively on punishing hackers or penalizing companies that failed to secure sensitive information.

New York’s new measures require banks, insurance companies, and other financial services institutions regulated by the state’s Department of Financial Services (DFS) to establish and maintain a cybersecurity program designed to protect consumers’ private data and ensure the safety and soundness of the state’s massive financial services industry.

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May 17, 2017 at 02:39PM

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