Banks Reportedly Told To Tighten Cybersecurity

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New York's financial regulator told banks in a letter Tuesday to tighten their cybersecurity, particularly in terms of third-party service providers they might use, Reuters reported. Writing to an undisclosed number of banks, the head of the New York State Department of Financial Services asked for the disclosure of "any policies and procedures governing relationships with third-party service providers," Reuters said, citing a copy of the letter. Banks would be also be required to provide "any due diligence processes used to evaluate" the adequacy of security procedures at the third-party firms, Reuters said. "It is abundantly clear that, in many respects, a firm's level of cybersecurity is only as good as the cybersecurity of its vendors," the letter reportedly said.

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