The New York State Department of Financial Services recently released a draft dictating new cybersecurity regulations for finance sector. Hailed the first of its kind in the United States, it has received a fair share of criticism as well. The Bitcoin companies in the region come under NYDFS, which makes these new regulations applicable to them as well.
These challenging regulations, once implemented may turn out to be the savior of millions of customers, especially at the time when cyberthreats are at an all-time high. According to the US Federal Bureau of Investigation, cyber intrusions, ransomware attacks, and zero-day exploits have become common occurrences. It is not just the FBI, Kaspersky Lab’s research report shows a 550 percent increase in Bitcoin ransomware attacks during the period between April 2015 and March 2016 (compared to the same period in 2014-15).
In a recent cybersecurity survey conducted by one of the technology magazines, it was found that over 66 percent of CIOs believe that the cyberthreat levels faced by their companies have drastically increased in the recent days. There are various instances in the recent days where hacker groups and cybercriminals have held