Tougher cyber security standards for financial sector
In the same month that New York State announced tougher cyber security regulations for banks and insurers, a survey by Alertsec showed that Americans don’t trust brokers to protect their personal data.
In our survey to gauge Americans’ confidence in the data protection practices of third-party contractors, respondents put insurance brokers and financial advisors in the top five most likely to compromise personal data. Respondents felt that insurance companies need to step-up cyber security practices. They also felt that New York is leading the way and expect that the new, tougher cyber security regulations will be adopted by other states in the near future.
You can read more on both these stories below. For customers looking to step-up third party data protection, visit our website or contact us for details of Alertsec’s third party security solution.
A recent survey by Alertsec has highlighted the growing concern about cyber security in third party contractors. The survey revealed a worrying lack of confidence in the ability of third party contractors to keep personal data safe, in particular in the financial sector.
More than 26% of American adults expect their personal data will be compromised in 2017. And 55% think that insurance brokers could do with some help and guidance on how to protect information.
In the same survey, nearly half of respondents expected that New York’s new cyber security regulations will prompt the Federal Government to adopt tough data protection measures.
New York’s new regulations mandate scrutiny of third party data security and encryption implementation. For SMB’s with fewer IT resources, this may be a challenge but Alertsec’s third party security solution enables large corporations to extend data protection across your third party network.
On March 1, New York State introduced new cyber security regulations for banks, insurers and other financial institutions as part of an effort to combat a surge in cyber crime. It follows a series of high-profile data breaches that resulted in losses of hundreds of millions of dollars to U.S. companies.
The new rules call for banks and insurers to scrutinize third-party vendor security, and enforce the broad implementation of encryption.