You knew this was coming. After a steady series of hacking debacles, regulators are stepping in and ordering companies to tighten up. Soon companies in the financial sector — banks, brokerages, and insurance firms — will have to comply with cybersecurity rules that include encrypting sensitive information and appointing a security chief.
The rules come from New York’s Department of Financial Services, and are scheduled to go into effect in 2018. While they apply only to New York, they will have an outsize impact given the state’s central role in the financial sector. We can expect other state and federal government entities to follow suit.