NY Regulator Issues New Guidance On Ransomware Attacks

By Daphne Zhang (July 1, 2021, 2:15 PM EDT) -- The New York Department of Financial Services has issued guidelines for companies to fend off cybersecurity risks, saying the rate of ransomware attacks increased 300% in 2020 and cybercriminals are jeopardizing the stability of the financial services industry.

"As ransomware attacks continue to surge, implementing cybersecurity measures is critical to protect consumers and business lines," New York Superintendent Linda A. Lacewell said Wednesday. The ransomware crisis threatens every financial services company and their customers and leads to a loss of confidence in the financial system, she added.

The ransomware guidance is asking companies to filter emails to block spam, carry out...

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