New Year Comes From New Bands Safety Regulations in Banks

In order to increase the digital security of banks, which are among the chief targets of cyber attackers, the US government is planning to make a new package of measures necessary for banks. The new regulations, which are prepared by the state of New York for banks, are expected to become mandatory for all the countries in the year 2016. The arrangement includes multiple authentication, periodic inspection, penetration testing and third-party provider inspection.

The new regime is based on a document prepared by the New York State Financial Services Unit in November that reveals the financial industry's weakness in cyberspace.

One of the important obligations of the regulator brought to the bank is related to CISOs. Accordingly, information security managers are expected to produce policies that include cyber security methods and standards, application security, multi-factor authentication and a cybercrime-violation statement plan. If regulation comes to pass, banks will demand many guarantees, such as encrypting sensitive data from third-party vendors, informing banks about cyber security incidents, and agreeing to cover the damage of data incidents.

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