N.Y. Bank Overseer Floats Ideas To Improve Financial Cybersecurity

Benjamin M. Lawsky, the New York superintendent of financial services, Feb. 25 suggested ideas to fight against computer hackers and financial crime that might increase burdens on banks.

In remarks at the Columbia Law School, Lawsky suggested requiring financial institutions to receive warranties from third-party vendors and instituting random checks of the filtering systems meant to detect money laundering and holding executives personally responsible for those systems’ adequacy.

In addition, the New York Department of Financial Services (NYDFS) is considering becoming the first financial regulator to mandate multi-factor authentication for online users.

Lawsky acknowledged the expertise and resources of federal ...