This week, the New York State Department of Financial Services (NYDFS) issued the Report on the SolarWinds Cyber Espionage Attack and Institutions’ Response. The Report begins with the statement that “The next great financial crisis could come from a cyber-attack,” And goes on to describe how the SolarWinds attack affected financial institutions and NYDFS’s response
New York State Department of Financial Services
NYS approves Gemini Trust Company to trade digital currency ether
The New York State Department of Financial Services has approved the application of Gemini Trust Company to trade the digital currency ether on its platform, which is the first time the state has consented to the trading of a digital currency that is not Bitcoin.
Ether is a token or digital asset from the Ethereum…
New York State Department of Financial Services Publishes Survey Results on Banking Industry Third-Party Service Providers and Cybersecurity
The New York State Department of Financial Services (NYDFS) recently published the results of its cybersecurity survey of more than 150 regulated small, medium, and large banking organizations. The survey asked for information the bank’s use and management of third-party service vendors with access to sensitive information. In particular, the survey asked banks whether they…
Regulators Examining Cybersecurity Policies and Practices for the Insurance Industry
Shortly after the discovery of a cybersecurity breach at the health insurance company Anthem, Inc., the National Association of Insurance Commissioners (NAIC) called for a multi-state examination of Anthem’s cybersecurity practices to determine what protections were in place and what actions could have been taken to minimize data losses. The examination is currently underway and…