N.Y. cyber strategy puts pressure on banks, energy sector

New York will closely monitor the cybersecurity protections in place at institutions in the financial and energy sectors as part of its first statewide cybersecurity strategy.

The strategy, released Wednesday, “provides a framework for aligning the actions and resources of both public and private New York stakeholders so that we can collectively work toward a shared vision for protecting New York,” wrote N.Y. Gov. Kathy Hochul. It includes five strategic pillars for successful implementation, one of which is focused on the regulation of critical industries.

Under that pillar is the financial sector, which is already subject to the 2017 Cybersecurity Regulation enforced by the New York State Department of Financial Services. The law has already resulted in penalties against institutions for failing to implement required controls, including a $4.25 million fine levied upon OneMain Financial Group in May.