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NYDFS ISSUES EXAMINATION GUIDANCE TO BANKS OUTLINING NEW TARGETED CYBER SECURITY PREPAREDNESS ASSESSMENTS

10 Dec 2014 5:11 PM | Edith Tella (Administrator)

Press Release

December 10, 2014

Contact: Matt Anderson, 212-709-1691

NYDFS ISSUES EXAMINATION GUIDANCE TO BANKS OUTLINING NEW TARGETED CYBER SECURITY PREPAREDNESS ASSESSMENTS

DFS-Regulated Banks to be Examined Based on Cyber Security Protocols, Governance, Third-party Vendor IT Security, Other Issues

Targeted Cyber Security Assessments Will Be Integrated As Ongoing, Regular Part of DFS Exam Process

Benjamin M. Lawsky, Superintendent of Financial Services, today issued an industry guidance letter to all New York State Department of Financial Services (DFS)-regulated banks outlining the specific issues and factors on which those institutions will be examined as part of new targeted, DFS cyber security preparedness assessments. These banks will be examined on their protocols for the detection of cyber breaches and penetration testing; corporate governance related to cyber security; their defenses against breaches, including multi-factor authentication; the security of their third-party vendors, and a number of other issues.

The new cyber security assessments will become regular, ongoing parts of all   

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