Cybercriminals can cause significant financial losses for business entities as well as for consumers whose private information may be revealed and/or stolen for illicit purposes. The financial services industry is a significant target of cybersecurity threats.
The New York Department of Financial Services unveiled the final cybersecurity regulations, which includes certain regulatory minimum standards while encouraging firms to keep pace with technological advances.
New York is the financial capital of the world, and it’s critical that we do everything in our power to protect consumers and our financial system from the ever increasing threat of cyber-attacks reports Housewire. While maintaining the structure and subject matter of the original draft proposal, the revised cybersecurity regulation attempts to provide more flexibility and company customization.
Recently, cybercriminals sought to exploit technological vulnerabilities to gain access to sensitive electronic data.