New York DFS Proposes Expanding Cybersecurity Regulations To Include Credit Reporting Agencies

At the direction of Governor Andrew Cuomo, the New York Department of Financial Services ("DFS") proposed expanding recently enacted cybersecurity regulations to include credit reporting agencies that collect data on consumers in New York. The proposal would mandate that credit reporting agencies not only register with the DFS but also comply with New York "first-in-the nation" cybersecurity regulations (see previous coverage).

Under the proposal, credit reporting agencies would be obligated to register with the DFS. The DFS superintendent would have the ability to revoke or suspend the registration of parties found to be in violation of the regulations. Credit reporting agencies would be subject to ongoing DFS examinations and investigations to evaluate compliance. In addition, when considering applications for registration or renewal, the DFS "may refuse to renew a consumer credit reporting agency's registration if the Superintendent finds that the applicant