NY surveying banks on cyber security defenses

ALBANY, N.Y. (AP) — New York’s top financial regulator says his office is considering tougher cyber security requirements for banks with more complex computer sign-ins and certifications from their contractors of their defenses.

Department of Financial Services Superintendent Ben Lawsky says they are already revamping regular examinations of banks and insurance companies by adding targeted assessments of barriers against hackers.

Lawsky says he’s “deeply worried” that within the next decade, or sooner, there will soon be “a major cyberattack aimed at the financial system” that could create a run or panic that spills over into the broader economy.

In a speech Wednesday at Columbia Law School, he also said his office is targeting money laundering and considering random audits of financial firms’ monitoring and filtering systems used to spot illicit transactions.

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