Few topics in the financial news have gotten more attention recently than the rise of cryptocurrency and initial coin offerings (ICOs), which allow startups to raise money from users in exchange for digital currency. In 2017, ICOs raised more than $3 billion in funding, surpassing early-stage venture capital funding for internet companies, and solidifying ICOs as a financing strategy among tech entrepreneurs.
On February 16, 2017, the New York Department of Financial Services (DFS) released its final self-described ““first-in-the-nation”first-in-the-nation” cybersecurity regulations (the Rules). The Rules become effective March 1, 2017, but will be phased in on a staggered basis beginning 180 days after the effective date.
As National Cybersecurity Awareness Month comes to a close, the federal financial regulators have been releasing guidance related to cybersecurity and financial technology (FinTech) issues faster than a teen can complain about slow Wi-Fi.
The New York Department of Financial Services (NYDFS) has just issued proposed cybersecurity rules (Proposal) applicable to NYDFS-regulated firms (Covered Entities).
The Federal Financial Institutions Examination Council (FFIEC) has issued a joint statement warning financial institutions of the increasing frequency and severity of cyber attacks involving extortion, including ransomware, denial of service, and theft of sensitive customer information that is used to extort victims.
In a recent letter to the 18 members of the Financial and Banking Information Infrastructure Committee (FBIIC), Acting Superintendent of the New York Department of Financial Services (NYDFS) Anthony Albanese requested collaboration and regulatory convergence among the members on cybersecurity standards for financial institutions.
The Office of the Comptroller of the Currency’s (OCC’s) Committee on Bank Supervision has released its Fiscal Year 2016 priorities.