Following the massive security breach at Equifax Inc. disclosed earlier this month, New York Gov. Andrew Cuomo on Monday proposed new regulations that would subject consumer credit reporting agencies to the same cybersecurity rules that the state recently enacted for banks and insurance companies.
Under the proposed rules, credit reporting agencies such as Equifax, TransUnion and Experian would have to register with the state Department of Financial Services beginning in February and every year thereafter. Their registration form would also have to include the agency’s officers or directors who would be responsible for compliance with the recently enacted regulations aimed at deterring cyberattacks on the financial services industry (NYLJ, Aug. 25)
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