In September 2016, the New York State Department of Financial Services (DFS) proposed a historic regulation that will require financial services organizations to maintain a cybersecurity program. Over the past few years, the DFS has conducted research on financial services companies’ cybersecurity programs to identify how regulation may lead to fewer data breaches. The results of the research1 show an opportunity for increased awareness and management of cybersecurity risks. Of the institutions surveyed:
The proposed DFS regulations attempt to improve upon these deficiencies by requiring the creation of a comprehensive cybersecurity program addressing key requirements in five areas.
1 Research results can be found in the following reports: Report on Cyber Security in the Banking Sector, Report on Cyber Security in the Insurance Sector, and Update on Cyber Security in the Banking Sector: Third Party Service Providers.
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