Posted on CS Magazin, March 01 by Greg Masters, Managing Editor
“While we have historically seen slow adoption of two-factor authentication – mostly due to poor UX design – this regulation comes at a time when next-generation authentication platforms have the right combination of frictionless user experience and none of the security resiliency problems we saw in the past.” Raz Rafaeli, CEO of Secret Double Octopus
Responding to growing threats from cyberattacks to financial institutions, New York state officially implemented new regulations mandating that banks and insurers adhere to certain cybersecurity standards. The rules take effect today.
The imposition of the nation’s first state-mandated “Cybersecurity requirements for financial services companies” has elicited a range of responses. Many security experts, as well as business leaders who will be affected by the legislation, had praise for the rules. Others, however, are concerned that they lack teeth and don’t provide the guidance that will prove effective in protecting consumers and enterprises from incursions…