Cuomo suggests uncompromising directive for credit reporting organizations

Hackers stole the personal information of around 143 million Equifax customers
Credit
EPA

Hackers stole the personal information of around 143 million Equifax customers Credit EPA

Cuomo says he's directed the Department of Financial Services to require credit reporting agencies to register with NY beginning in February 2018.

As Cuomo explained on WNYC's The Brian Lehrer Show, banks and insurance companies are required to have cybersecurity protections in place when handling customer's sensitive data, like social security numbers and credit history.

Waters said the bill would bring accountability to the credit reporting industry by enhancing consumer and creditor confidence in the integrity of information within consumer credit reports and restoring fairness in the system. Cuomo announced on Monday he is proposing tougher state regulations for credit reporting agencies. It requires financial firms to take measures to protect networks and customer data from hackers and disclose cyber events to regulators. They just have no regulation and they really fell in this loophole.

"Credit reporting agencies are nowhere".

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A NY state cybersecurity regulation, the first of its kind in the United States, took effect on March 1.

Gov. Andrew M. Cuomo replying to the enormous safety infringement at Equifax will suggest regulations that make credit reporting organizations to similar rules as banks and insurance companies as to safeguard the consumer's interest. And he says the Equifax breach is a "wake up call". He reiterated that the supervision of credit reporting agencies will assist in ensuring that private information is less unprotected to cyber-attacks and other atrocious acts in the emerging frontier of a speedily changing digital world.

Maine is the only USA state that requires credit agencies to register, said William Lund, superintendent of the Maine Bureau of Consumer Credit Protection. The Department of Financial Services says consumers potentially affected by any type of cybersecurity breach should consider placing a "fraud alert" or "credit freeze" on their credit files. They also stole credit card numbers for about 209,000 people and dispute documents with personal identifying information for about 182,000 people.

If you have any kind of credit, there's a good chance that you're one of the 143 million Americans whose personal information was exposed in a cyberattack on credit reporting agency Equifax.

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