(Published March 24,2017) On March 1, 2017, New York State Department of Financial Services (DFS) implemented benchmark regulations governing financial institutions and cybersecurity. Based on the serious nature of cyber security breaches that risk consumers’ personal information as well as insurers’ information technology (IT) systems, most financial service entities doing business in New York, including insurance companies, affiliates and third party service providers, must comply with comprehensive new minimum cyber security standards within a tight time frame. Insurers not doing business in New York are also advised to pay close attention to these regulations as they are likely to have a far-reaching impact beyond the state line.
(Published March 21, 2017) The Bank of Tokyo Mitsubishi is based nearly 6,000 miles away from London and conducts most of its business in its home country through 750 domestic branch offices. Therefore BTMU’s management might have once expected to be answerable only to Japanese regulators. Selwin Parker comments.