States Adopting Stricter Cybersecurity Policies
Due to escalating cyber-attacks against Financial Services Firms in the past several years states across the nation are ramping up their efforts by enforcing stricter guidelines for financial services firms by the industry regulators.
Recently, on December 28, 2016, the New York State Department of Financial Services has issued a new set of stricter guidelines for financial services firms regarding cyber-security. These changes are set to be implemented by March of 2017. The new set of guidelines include items such as; reporting any cyber related incidents within 72 hours of occurrence, providing a minimum of annual reports showing exactly how the firm is staying compliant and several other items of emphasis. The full details of the new enforcement may be found here: New York Cyber-security Guidelines
These guidelines are in addition to the strict set of guidelines already put in place by the SEC, and FINRA. We are seeing states adopt stricter policies each year, which shows us how important cyber-security is becoming, and how much emphasis regulators are putting into cyber-security efforts for the coming year.
Now is a better time than ever to ensure your firm is fully compliant, and your elevation of cyber-security compliance.
At Entreda, we have seen this issue of cyber-security escalating years ago and knew we had to do something about. We take care of in depth reporting for audit trail and compliance purposes as well as elevation of your cyber-security posture. We have built our application Unify which we constantly update in order to cover each and every cyber-security guideline for financial services firms to give firms peace of mind when it comes to cyber-security.
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