Financial Institutions

On March 6, 2018, the World Economic Forum (WEF) published a white paper report analyzing challenges that financial services and fintech firms face in protecting customer information against the increasing risk of cyber-attacks and setting out proposals to better manage this cyber-risk.[1] As described below, the report recommends industry-wide efforts to adopt standardized cyber-risk metrics and to develop mechanisms for assessing cybersecurity. In conjunction with the publication of these recommendations, Citigroup Inc., Kabbage, Inc., Zurich Insurance Group AG and the Depository Trust & Clearing Corporation have formed a consortium to address cybersecurity risks in the fintech industry.[2] Continue Reading World Economic Forum Publishes Recommendations for Managing Cyber-Risk

On March 1, 2017, the New York Department of Financial Services’ Cybersecurity Regulations entered into effect.

The Regulations impose on financial institutions minimum cybersecurity standards that exceed existing federal standards and introduce new requirements, including obligations to critically evaluate cybersecurity practices, maintain detailed documentation demonstrating compliance and report cyber events to the New York Department of Financial Services.

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