Under a proposed plan, companies like Equifax would have to comply with New York cyber security regulations or be barred from doing business in the state
New York Gov. Andrew Cuomo has announced plans to require all credit-reporting agencies to register with the state and comply with its cyber security regulations.
The announcement comes in the wake of a titanic data breach at Equifax – a breach which exposed the personal information of up to 143 million consumers. The proposed regulation would take effect in February, according to a Reuters report. If credit-reporting agencies didn’t comply, they could be prohibited from doing business with financial companies regulated by the state of New York.
According to Cuomo, credit-reporting agencies – including Equifax, TransUnion and Experian – would have to report each year their officers or directors responsible for regulatory compliance, Reuters reported. New York would also be able to bar a credit agency from doing business in the state if the agency was engaging in “unfair, deceptive or predatory practices,” Cuomo’s statement said.
“The Equifax breach was a wakeup call, and with this action, New York is raising the bar for consumer protections that we hope will be replicated across the nation,” Cuomo said.
Related stories:
Equifax breach could wreak havoc on mortgage borrowers
Equifax cyber breach exposes data of up to 143 million people
The announcement comes in the wake of a titanic data breach at Equifax – a breach which exposed the personal information of up to 143 million consumers. The proposed regulation would take effect in February, according to a Reuters report. If credit-reporting agencies didn’t comply, they could be prohibited from doing business with financial companies regulated by the state of New York.
According to Cuomo, credit-reporting agencies – including Equifax, TransUnion and Experian – would have to report each year their officers or directors responsible for regulatory compliance, Reuters reported. New York would also be able to bar a credit agency from doing business in the state if the agency was engaging in “unfair, deceptive or predatory practices,” Cuomo’s statement said.
“The Equifax breach was a wakeup call, and with this action, New York is raising the bar for consumer protections that we hope will be replicated across the nation,” Cuomo said.
Related stories:
Equifax breach could wreak havoc on mortgage borrowers
Equifax cyber breach exposes data of up to 143 million people
