New York Will Examine Banks’ Cyber Defenses

Law360, New York (December 10, 2014, 11:11 AM EST) -- Banks supervised by the New York Department of Financial Services will now face a review of their cybersecurity preparedness as part of the regular examination process, the regulator announced Wednesday.

The DFS will review cybersecurity precautions as part of a push by federal and state regulators to make sure that banks beef up their protections against computer hacks that so far have targeted customers’ personal information but ultimately could pose a threat to their accounts or even the broader financial system.

“It is our hope that integrating a targeted cybersecurity assessment directly into our examination process will help encourage a laser-like...

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