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Financial Industry Regulators Increase Data Security Oversight

In New York, the State’s Department of Financial Services Superintendent Benjamin Lawsky issued new guidelines to banks, detailing how their cybersecurity practices would be evaluated. Thememorandum—sent to all New York chartered or licensed banking institutions—noted that the Department would take a close look at banks’ data breach detection abilities, cybersecurity corporate governance practices, resources devoted to information security, defenses against cyberattacks, management of third-party service providers, and cybersecurity insurance coverage, among other things.

Read more on Covington & Burling InsidePrivacy.

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