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New York Revises & Delays New Cyber Rules After Industry Complaints
[Photo: Cyber Security / dha-inc.com]
One week after hearing complaints from banking and insurance industry representatives about its proposed cyber security rules, New York's financial regulator announced that it would make revisions and delay implementation by 2 months to 3/1/17. The rules from the NYS Department of Financial Services would be the first of their kind imposed by any state or federal agency.
Industry officials expressed concerns that the new rules did not distinguish between small and large financial institutions and might conflict with future U.S. government regulations. In a statement, Financial Services Superintendent Maria Vullo said:
"New Yorkers must be confident that the banks, insurance companies and the other financial institutions that they rely on are securely handling and establishing necessary protocols that ensure the security and privacy of their sensitive personal information."
Reuters last week first reported on the agency's plan to delay the regulations.
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