Removing Barriers Blog

New York League Examining State Cybersecurity Proposal
Posted September 14, 2016 by CUNA Advocacy

Recently, New York Gov. Andrew Cuomo announced the proposal of a state regulation requiring state-chartered credit unions and other regulated financial institutions to develop and maintain a cybersecurity program.

Such a proposal would require institutions to have written policies on security procedures, especially the protection of customer data held by third-party service providers, as well as multifactor authentication and data encryption.

The New York Credit Union Association is assessing the proposal’s impact on the state's credit unions. If adopted, the regulation would be the first of its kind in the nation, and could have far-reaching effects.