Cyber security compliance – a three step framework – 30th August 2017
The latest data protection and security rules that come in this week in New York are altering the basics of cyber security compliance for the financial services industry. The rules only apply to New York-licensed banks/insurers but every financial firm will have to face up to a need to prepare for similar rules built on the same basic principles. “Regulators across the financial services industry are focused on raising the bar for cyber security programs, ” consultancy PwC said in a report on the New York Department of Financial Services cyber rules. Firms will be pressed by regulators to implement a fundamentally different approach to cyber protection that reflects the migration of data beyond “siloed regulatory guidance” and require compliance to lead the effort in working across their entire organization to implement protection, PwC said.