New York Department of Financial Services Launches Cybersecurity Unit

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The New York State Department of Financial Services (DFS) this week announced that it has launched a new cybersecurity division whose role is to protect consumers and financial services organizations from cyber threats.

According to the DFS, this is the first time a banking or insurance regulator launches such a division. The new unit will be responsible for enforcing the DFS’s cybersecurity regulations, advising on cybersecurity examinations, issuing guidance for regulations, and conducting investigations. The cybersecurity division will also provide information on threats and trends.

Justin Herring, chief of the U.S. Attorney’s Office of New Jersey’s first Cyber Crimes Unit, will act as the new unit’s executive deputy superintendent.

Herring has been involved in several important cases, including the Newswire hacking operation, the scheme targeting SEC’s EDGAR system, the SamSam ransomware attacks on the Port of San Diego and the City of Atlanta, the Silk Road dark web marketplace, and the case of a Russian hacker who stole hundreds of millions of payment cards.

“I look forward to bringing my expertise to DFS to lead this new division to combat the growing problem of cybercrime, protect New Yorkers and their sensitive information from attacks, and ensure that DFS continues to be a leader in cybersecurity,” Herring stated.

In 2017, the DFS announced the nation’s first cybersecurity regulation to protect New York’s financial services industry and consumers from cyberattacks.

Earlier this year, New York announced the launch of a cybercrime brigade for coordinating digital law enforcement efforts. The NYC Cyber Critical Services and Infrastructure (CCSI) project is the result of a partnership between the NYPD, the Manhattan District Attorney’s Office, the New York City Cyber Command, and the Global Cyber Alliance.

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

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