Economy

NY Gov. Cuomo eyes expanding cyber regs to credit reporting agencies

NY Gov. Cuomo eyes expanding cyber regs to credit reporting agencies”

The cybersecurity regulations - which cover banks, insurance companies and other financial services institutions - mandate that any DFS-regulated institution must have a cybersecurity program created to protect consumers' private data, a chief information security officer and other controls to ensure the safety of the finance industry.

Equifax has said the executives were unaware of the hack when they sold the stock for $1.8 million. Although the companies sit on a wealth of information, they are not subject to the kind of constant monitoring and auditing that the government uses to secure banks and insurance companies.

"Credit reporting agencies are nowhere".

The proposal, first reported by The New York Times, would require Equifax, Experian and similar firms to adhere to the same consumer protection rules the state imposes on banks and insurance companies.

Under the regulations, credit reporting agencies must register by February 1 each year, using forms that require them to list all officers who will be responsible for compliance. They just have no regulation and they really fell in this loophole.

The Justice Department and the three credit reporting companies did not immediately respond to requests for comment. "They have to have cyberprotections in place".

Waters, who serves as ranking member of the Committee on Financial Services, said the measure contains landmark reforms to improve the nation's credit reporting system.

This is in response to the recent cyber-attack on Equifax, that exposed personal data of almost 150 million people across the nation.

Oversight of credit reporting agencies will help ensure that personal information is less vulnerable to cyber attacks and other nefarious acts in this rapidly changing digital world.
The Department of Financial Services said consumers potentially affected by any type of cybersecurity breach should consider placing a "fraud alert" or "credit freeze" on their credit files.



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