Editor’s Note: Only cost-effective cybersecurity regulations have a chance to succeed. See, Cost-Effectiveness: The Prerequisite for Cybersecurity Regulation.
From: CyberScoop
Shaun Waterman
Community bank groups and other financial industry associations expressed deep concern Monday with new cybersecurity regulations proposed by the New York State Department of Financial Services, telling a committee of state lawmakers that they were inconsistent with federal rules and put an unfair burden on smaller institutions.
“There’s a bit of a one-size-fits-all approach” in the rule, said Laura Mazzara, senior vice president and chief risk officer for Pioneer Bank. She gave evidence on behalf of the Independent Bankers Association of New York State to a hearing of the Standing Committee on Banks considering the new regulations.
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