The State of New York recently announced new regulations [PDF], set to take effect on March 1, that require banks, insurance companies and other financial services companies to establish and maintain cyber security programs that meet specific standards.
“As our global financial network becomes even more interconnected and entities around the world increasingly suffer information breaches, New York is leading the charge to combat the ever-increasing risk of cyber attacks,” Maria T. Vullo, superintendent of the New York State Department of Financial Services, said in a statement.
The regulation requires companies to examine security at third party vendors, and to maintain a cyber security program that’s adequately funded and staffed, overseen by qualified management, and reported on periodically to the organization’s most senior governing body.
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