Economy

Gov. Cuomo to credit bureaus: follow state cybersecurity laws or leave

Gov. Cuomo to credit bureaus: follow state cybersecurity laws or leave”

Among the guidelines, the NYDFS urged NY state chartered and licensed financial institutions to "confirm the validity of information contained in Equifax credit reports (if you receive them) before relying on them for provision of products and services to new applicants, as well as existing clients, as they may have been compromised given the cyberattack".

Once the new regulations take effect, credit-reporting agencies would have to soon comply with New York's cybersecurity rules for banks and insurers.

To view the full article, register now. "And they have very sensitive information", Cuomo said.

Gov. Andrew M. Cuomo replying to the enormous safety infringement at Equifax will suggest regulations that make credit reporting organizations to similar rules as banks and insurance companies as to safeguard the consumer's interest.

"The Equifax breach has left millions of New Yorkers vulnerable to identity theft and major financial issues", Schneiderman said.

A thief could also use your stolen identification to open a bank account at a bank that doesn't report to Equifax, which is why Laughlin said it is imperative to put a freeze on your credit at all three credit reporting agencies, Equifax, Experian, and TransUnion.

"The data breach at Equifax demonstrates the necessity of strong state regulation like New York's first-in-the-nation cybersecurity actions", Department of Financial Services superintendent Maria Vullo said. The Superintendent may, in turn, "refuse to renew a consumer credit report agency's registration" if the "applicant, or any member, principal, officer, or director" is not "trustworthy", "competent", or "has filed to comply with any minimum standard".

-Directly or indirectly employing any scheme, device or artifice to defraud or mislead a consumer.

"Maybe that bank had an account opened with them, but they only report to Experian, a different credit reporting agency".

With the announcement, credit reporting agencies will be added to the list of those having to comply with cyber security regulations.

It requires that any state regulated institution such as banks and insurance companies must have a cyber security program created to protect consumers' private data, a chief information officer and other controls to ensure the security of New York's financial services industry.

The agency also is urging lenders to double-check any information they receive from Equifax credit reports and to be careful about any personal information on customers that they send to Equifax.

Schneiderman is seeking the answers to these questions by September 21 and a meeting with top executives at Experian and TransUnion by September 28.



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