New York State Focused on Security Solutions for Financial Services

The New York Department of Financial Services (NYDFS) is looking to boost its security capabilities by hiring two new directors for its newly formed Cyber Intelligence Unit.

The agency, which serves as the state’s financial and cryptocurrency regulator, posted a job opening for someone to work with the agency’s Executive Deputy Superintendent for the Cybersecurity Division, with “a focus on gathering and analyzing threat intelligence using DFS’s unique resources and threat information sharing with other government agencies and the financial industry regulated by DFS.”

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The right candidate will have at least four years of experience in information security, threat intelligence, cyber investigations, incident response, or similar fields, as well as expertise in collecting, analyzing, and interpreting qualitative and quantitative data from multiple sources. There should also be knowledge of the information security landscape, security solutions, and current and emerging security threats.

In addition, The Block reported that a separate job posting went up on the NYDFS site in December, looking for someone that will be tasked with assisting in the design, development, and management of a program to facilitate the testing of RegTech solutions. Candidates should have experience when it comes to innovation methodologies such as techsprints, hackathons, proof of concept testing, accelerators and incubators.

The project appears to be similar to the program being worked on by The Bank of England, the U.K.’s central bank, “to improve its efficiency and effectiveness as a regulator and deliver benefits to financial services firms and the real economy.”

In February 2017, NYDFS announced that it had created the nation’s first cybersecurity regulation to protect New York’s financial services industry and consumers from the rising threat of cyberattacks. Last May, Justin Herring was named the Executive Deputy Superintendent of the agency’s Cybersecurity Division, which enforces cybersecurity regulations, advises on cybersecurity examinations, issues guidance on DFS’s cybersecurity regulations, and conducts cyber-related investigations with the Consumer Protection and Financial Enforcement Division.

Earlier this month, the agency sent out an alert about an increased risk of cyberattacks from hackers affiliated with the Iranian government after the death of Qassem Soleimani. With that in mind, the NYDFS recommended that” all regulated entities heighten their vigilance against cyberattacks.”