Following the recent Equifax security breach that leaked the personal data of nearly 150 million people nationwide, Governor Andrew Cuomo has promised to get tougher against the threat of cyber attacks.
In a statement issued on Monday, September 18, Cuomo directed the Department of Financial Services to issue brand-new regulation, requiring credit reporting agencies to register with New York State, as well as comply with the state’s first-in-the-nation cyber security standard. The regulation also grants DFS Superintendent Maria Vullo the ability to deny and revoke a consumer credit reporting agency’s authorization to do business with New York financial institutions if the agency engages in predatory practices.
All consumer credit reporting agencies will be required to register with DFS on or before February 1, 2018, and by February 1 of each following year.
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