Banks chartered in New York could soon be required to appoint chief information security officers and submit to quarterly tests of their systems' vulnerabilities under a cybersecurity regime being considered by state regulator Benjamin Lawsky.
Those strict requirements appear in the Department of Financial Services' sweeping, controversial proposal for regulating virtual currency businesses. Lawsky said this week he is thinking of using the cybersecurity provisions of the so-called BitLicense framework as a model for banks and insurance companies on his watch. Those rules would be far more stringent than any existing data-security regulations for financial institutions.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access