NY governor and AG take aggressive actions over Equifax breach

Remigio Civitarese
Settembre 20, 2017

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.

If you have any kind of credit, there's a good chance that you're one of the 143 million Americans whose personal information was exposed in a cyberattack on credit reporting agency Equifax.

"Credit reporting agencies are nowhere". And he said the Equifax breach is a "wake-up call". "Credit reporting agencies have a fundamental responsibility to protect the personal information they're entrusted with". The regulations were approved earlier in the year and cover banks, insurance companies and financial institutions.

In light of the recent massive data breach at the credit reporting company Equifax, Gov. Andrew Cuomo's administration is taking steps to make sure that in the future, the credit agencies have better cybersecurity in place.

In Massachusetts, state Attorney General Maura Healey said in a statement Tuesday that the state will file a lawsuit against Equifax, alleging that "Equifax knew about the vulnerabilities in its system for months, but utterly failed to keep the personal information of almost three million Massachusetts residents safe from hackers".

The state could refuse to renew a consumer credit reporting agency's registration if the DFS superintendent finds that the applicant is not trustworthy or competent.

-Engaging in any unfair, deceptive, or abusive act or practice in violation of section 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

-Making any false statement or make any omission of a material fact in connection with any information or reports filed with a governmental agency or in connection with any investigation conducted by the superintendent or another governmental agency.

"What we're saying is credit reporting agencies should be regulated the same way we regulate banks and credit institutions", Cuomo said.

Cuomo called the breech a wakeup call.

DFS's cybersecurity regulation would requires banks, insurance companies and other financial services institutions to have a cybersecurity program created to protect consumers' private data. 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.

And Schneiderman wants to know what Experian and TransUnion are doing, as well.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE