Benjamin M. Lawsky, the New York State Department of Financial Services’ initial superintendent of financial services, will depart the agency in late June, after four years in the post, officials confirm. The agency was created by the New York State Senate in 2011, through the merger of two predecessor agencies, the New York State banking… Read More >>
NY Regulator Warns of Third-Party Cyber-Security Risk
Financial services firms are largely ignoring the critical role third-party vendors play in an overall cyber-security strategy, a blind spot that could make them vulnerable to infiltration, according to a recent report by the New York Department of Financial Services (NYDFS). The report, titled “Report on Cyber Security in the Banking Sector,” is based on… Read More >>
Watchdogs: Wayward Firms to Face More Record Fines
After a year of record-breaking fines that has left financial services firms reeling and their investors anxious about what the future may hold, regulators and prosecutors alike say wayward firms can expect more of the same – and worse – going forward. “The next time one of these institutions engages in misconduct, I think they… Read More >>
