NY Cybersecurity Rules Could Push Other Regulators

By Evan Weinberger (September 13, 2016, 8:06 PM EDT) -- Banks, insurers and other financial institutions operating in New York state will have to take strong measures to protect against data breaches and other cyberattacks under first-of-their-kind rules proposed Tuesday, and experts say that other states and even the federal government may follow New York's lead.

The proposal unveiled by the New York Department of Financial Services would require banks, insurers, money service businesses and regulated virtual currency operators to set out detailed plans for handling data breaches; increase their monitoring of how third-party vendors handle and secure customer data; and appoint a chief information security officer, among other requirements....

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