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Daniel P. Stipano Quoted in ACAMS Article, “New York Finalizes Cybersecurity Rule for Banks, with Certification Requirement”

ACAMS

Daniel P. Stipano

Daniel P. Stipano was quoted on February 16, 2017 in an ACAMS article by Daniel Bethencourt, “New York Finalizes Cybersecurity Rule for Banks, with Certification Requirement.” The article states that New York financial institutions will be required to evaluate their cybersecurity plans in order to “prevent, investigate and recover from online attacks.” The article also noted, “Under the 14-page rule issued by the state’s Department of Financial Services, financial institutions have at least one year to designate a chief information security officer who will lead an effort to monitor both internal and external cyberthreats, design approaches for detecting and responding to breaches and periodically test their ability to withstand attacks.”

The institutions are also required to report a breach or an attempted breach within 72 hours of the internal notice. Stipano noted that, “the rule shows flexibility overall, presumably in part because cybersecurity techniques are developing rapidly.”

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