Here Comes The Rules

Note from the CEO:  Here is an article that is kind of “good news, bad news, good news etc”.  Regulators (at least NY) are establishing cybersecurity rules so at least companies will know how to operate, BUT costs will go up to adhere to the regulations (and get licenses……hello Greece). BUT consumers will feel more comfortable with the new technology knowing the regulators will protect them (????….lol). Anyway, here come the rules.

“The United States is about to see its first cybersecurity regulation that aims to protect consumer data and financial institutions, including companies dealing with bitcoin.

The proposal, announced by New York Gov. Andrew Cuomo, will require banks, insurance companies and other financial services institutions regulated by the State Department of Financial Services ‘to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State’s financial services industry.’

If approved, the regulation will affect all financial license holders in New York, including bitcoin companies that have been approved by BitLicense. Then, once the 45-day notice and public period passes and the proposal is used, these regulated financial entities will be required by law not only to create a cybersecurity program, but also adopt a written cybersecurity policy, designate a chief information security officer who will implement, oversee and enforce the policy, and design policies and procedures that will ensure the security of information systems and nonpublic information accessed or held by third party entities, along with a variety of other requirements to protect the confidentiality, integrity and availability of information systems.”

Read Full Article at CalvinAyre.com