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N.Y. Urges Banks to Toughen Ransomware Protections After Attacks

June 30, 2021, 7:33 PM

New York’s financial regulator wants banks and others to strengthen protections against ransomware attacks in the wake of recent high-profile incidents targeting U.S. energy and food supplies.

The New York Department of Financial Services on Wednesday told the banks, cryptocurrency firms, and money transmission businesses it oversees not to pay ransoms when struck by ransomware attacks, following guidelines set by the FBI. The regulator’s guidance also said that financial firms should set up tight password protections and conduct anti-phishing and other workforce trainings as part of a broad effort to prevent ransomware attacks, and report those attacks to regulators ...