US First Cyber Security Regulation to Pressure Bitcoin Companies

Governor Andrew Cuomo and the New York Department of Financial Services have officially announced the proposal of the country’s first cyber security regulation to protect consumers and financial institutions. If approved and activated, it will affect any financial license holders in the state, including BitLicense-approved Bitcoin companies.
Once the 45-day notice and public comment period passes and the proposal is issued, any regulated financial entities, including Bitcoin companies, will be required by law to:
‘Establish a cybersecurity program; adopt a written cybersecurity policy; designate a Chief Information Security Officer responsible for implementing, overseeing and enforcing its new program and policy; and have policies and procedures designed to ensure the security of information systems and non-public information accessible to, or held by, third-parties, along with a variety of other requirements to protect the confidentiality, integrity and availability of information systems.’

This post was published at Coin Telegraph on 2016-09-15.