As of August 28, New York’s Cybersecurity Regulations have been put into effect to protect consumers and ensure the safety and soundness of the financial services industry from cyber-criminals. These new requirements will affect not only the organizations supervised by the DFS, but their third-party service providers as well.
The New York Cybersecurity Regulation specifies that “it requires each company to assess its specific risk profile and design a program that addresses its risks in a robust fashion. Senior management must take this issue seriously and be responsible for the organization’s cybersecurity program and file an annual certification confirming compliance with these regulations. A regulated entity’s cybersecurity program must ensure the safety and soundness of the institution and protect its customers.”
Companies must assume that data breaches will happen and people will find new ways of hacking into organizations’ sensitive data. Protecting your data no matter where it is has to become the new strategy for organizations.
Read Gemalto’s latest blog post for key dates and information that will help you understand more about how you can effectively prepare your business.