NY governor wants credit-reporting firms to follow cyber rules

Gov. Andrew Cuomo. AP file

They just have no regulation and they really fell in this loophole. But credit reporting companies are not required to have the same kind of security against potential data hackers.

The three credit-reporting agencies did not respond to requests for comment on Cuomo's plan.

Mr. Cuomo said that contravention was high time for realization and enumerated that he wished that the ruling will be reproduced nationwide.

New York Governor Andrew Cuomo said that he wants credit-reporting firms to comply with the state's cybersecurity regulations, the latest government official to crack down on the industry in the wake of the massive Equifax hack.

A NY state cybersecurity regulation, the first of its kind in the United States, took effect on March 1.

You can view the proposed regulation here.

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It requires that any state regulated institution such as banks and insurance companies must have a cyber security program created to protect consumers' private data, a chief information officer and other controls to ensure the security of New York's financial services industry. "They have to have cyber protections in place".

Maine is the only U.S. state that requires credit agencies to register, said William Lund, superintendent of the Maine Bureau of Consumer Credit Protection.

Meanwhile, the state Department of Financial Services is urging banks, credit unions and loan providers to carefully check applicants' information, using ID theft prevention and fraud programs, to make sure it is legitimate. He reiterated that the supervision of credit reporting agencies will assist in ensuring that private information is less unprotected to cyber-attacks and other atrocious acts in the emerging frontier of a speedily changing digital world.

Senior administration officials said that the suggested pronouncement would in effect make it illegitimate for uncatalogued credit reporting agencies to compose expositions on consumers in NY or to collect fees from banks for their services. They also stole credit card numbers for about 209,000 people and dispute documents with personal identifying information for about 182,000 people.

The new rules won't do anything to remedy the data breach that has compromised the credit histories and personal information of 143 million Americans.



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