WASHINGTON — Signs that New York's bank regulator will craft formal cybersecurity rules are prompting broader industry concerns that the state's aggressive approach will be the standard for other agencies as well.
The New York State Department of Financial Services last year already promised tough cybersecurity exams, and federal regulators have intensified their focus on all banks' cyber readiness. But the department put a finer point on its plans in a recent letter to federal and state agencies signaling "potential new regulations" — including required multifactor authentication and annual vulnerability assessments — while calling for "convergence" among all policymakers on cybersecurity rules.
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