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NY regulation aims to raise bank security standards

Next week, New York State will begin a 45-day public comment period on its new financial industry cybersecurity regulation — and, so far, security experts have a favorable view of the proposal.

Under the new regulations, banks and insurance companies doing business in New York State will need to establish a cybersecurity program, appoint a Chief Information Security Officer and monitor the cybersecurity policies of their business partners.

According to New York Gov. Andrew Cuomo, this is the first such regulation in the country. “This regulation helps guarantee the financial services industry upholds its obligation to protect consumers and ensure that its systems are sufficiently constructed to prevent cyber-attacks to the fullest extent possible,” he said in a statement.

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EU Prepares to Raise Privacy Shield Over Data Transfers to US

European Union officials are set to give final approval to a new EU-U.S. data transfer agreement early next week, after member states gave their approval to an updated text on Friday.

Privacy Shield is intended to replace the Safe Harbor Agreement as a means to legalize the transfer of EU citizens’ personal information to the U.S. while still respecting EU privacy laws.

A new deal is needed because the Court of Justice of the EU invalidated the Safe Harbor Agreement last October, concerned that it provided Europeans with insufficient protection from state surveillance when companies exported their personal data to the U.S. for processing.

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