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New York Issues Cyber Regulations for Banks, Insurers

September 13, 2016, 4:40 PM UTC

(Reuters) – New York Governor Andrew Cuomo on Tuesday issued long-anticipated proposed cyber security regulations for banks and insurers in the state, the first of their kind in the United States by any state or federal agency, the governor said in a statement.

Cuomo’s planned regulations for institutions overseen by the New York State Department of Financial Services (NYDFS) would require companies to set up cyber security programs and appoint a chief information officer, among other measures, according to the governor’s office.

The planned regulations follow a series of high-profile hackings of U.S. companies as well as NYDFS surveys about cyber security programs of companies under its watch. A NYDFS report last year, for example, revealed that a third of the 40 banks NYDFS surveyed in 2014 did not require outside vendors to notify them of data breaches, which could compromise bank data.

NYDFS regulates state-chartered banks and foreign banks licensed to operate in the state, including Goldman Sachs, Barclays and Deutsche Bank, and all insurance companies that do business in the state.

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The public will have 45 days, once the proposed regulations are published in the New York State Register, to submit comments on the plan before it becomes final.