"When this hits a health care provider or other folks who are on the first line of defense where people's health and safety are concerned, you can certainly understand that decision, but at the end of the day, you have no assurance that the very same ransomware attack isn't going to be recreated the next day and ask for even more money."
In February 2017, the New York State Department of Financial Services (“DFS”) finalized a new set of cybersecurity regulations that governs New York’s banking, insurance, and financial services industries. Entities in those industries are required to develop and implement cybersecurity programs tailored to their individual risk levels. See Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R.§ 500.02.
The Federal Communications Commission (“FCC”) adopted rules in 2016 that restricted Internet Service Providers (“ISPs”), such as Verizon, AT&T, and Comcast, from sharing sensitive data, including browsing history and location data, without consumer consent. We discussed these groundbreaking rules in our previous blog post.
The new NYS DFS cybersecurity regulations will have international reach.
Even in today’s day and age, data security issues are sometimes (much too often, in fact) shuffled aside by C-suite executives who are stuck believing that network security is a concern for the IT department, not those who run the company on a day-to-day basis.