New Cyber Security Rules in Effect for New York

Banking Cyber Security … It’s for Your Protection

As fellow New Yorkers, you may be interested to know that your bank is now expected to take a more active role in Cyber Security. This means making sure partnering businesses protect their networks and customer data. The banks (state chartered as well as foreign banks licensed to operate in New York) must also report any cyber “events” to state regulators. So, now that banking cyber security is on the docket, what do you need to know?

Rules, Regulations, and You

These new rules, effective March 1, require affected institutions to:
  • Scrutinize security at third-party vendors that provide the banks with goods and services.
  • Perform risk assessments in order to design customized security programs.
  • Annually certify compliance.
The regulations were prompted by recent high-profile data breaches that cost Target, Home Depot and other companies millions of dollars, and put millions of consumers’ financial data at risk.
Whether or not you operate a bank (or a company doing business with banks), Cyber Security is a concern we all have to take seriously. At SynchroNet, we’re always on the look-out to keep you up to date on news and regulations, and more importantly, ahead of the hackers and other cybercriminals by keeping your systems and networks patched and secure.