NY Cybersecurity Rules Expand Banks' Compliance Woes

Law360, New York (November 16, 2015, 1:37 PM EST) -- New York's top financial regulator recently previewed upcoming cybersecurity rules for banks and insurers, a move that is likely to become a model for other state authorities and ramp up institutions' exposure in both enforcement actions and private litigation over data breaches.

In a Nov. 9 letter to federal and state regulators, acting New York Superintendent of Financial Services Anthony J. Albanese sought input on proposals that his office intends to soon move forward with to protect financial institutions' information technology systems and customer account information. The proposed rules include requirements that firms conduct mandatory annual audits, enhance identity authentication for...

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