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Regulations for New York banks on cyber crime go into effect March 1

Feb 17, 2017 2:25 pm
Karen Freifeld and Jim Finkle report for Reuters that New York state announced Feb. 16 regulations requiring banks and insurers to meet minimum cyber-security standards and report computer hacking. The effort to fight cyber crime goes into effect March 1. "These strong, first-in-the-nation protections will help ensure this industry has the necessary safeguards in place" to protect businesses and clients "from the serious economic harm caused by these devastating cyber-crimes," Governor Andrew Cuomo said in a statement. The rules were delayed in December, then weakened "after financial firms complained they were onerous and said they would need more time to comply," according to the story. Banks and insurers must also scrutinize security at third-party vendors they work with. Read the full story on the Reuters website.