Focus on Cyber Security is Top Priority for N.Y. Financial Regulator

N.Y. financial regulator says to focus on cyber security (Reuters, 22 Sept 2014) – New York’s financial regulator said on Monday his agency will focus on cyber security over the next year, saying the possibility of a systemic attack to the financial system is one thing that keeps him awake at night. “It is impossible to take it seriously enough,” said Benjamin Lawsky, superintendent of the Department of Financial Services (DFS) for the state of New York. Cyberterrorism is “the most significant issue DFS will work on in the next year,” he said, speaking at a Bloomberg Markets event at the Museum of Jewish Heritage in lower Manhattan. A report earlier this year by DFS on cyber security in the banking sector found that most institutions surveyed have come under cyber attack at some point in the past three years. The attacks came irrespective of the institutions’ sizes, highlighting how prevalent an issue hacking has become.


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