While speaking at a Dow Jones Risk & Compliance forum, New York State Superintendent of Financial Services Benjamin Lawsky, said that cybersecurity will probably be the most important issue of 2015 as well as probably 2016. “It is less of an enforcement issue and more of getting all the institutions we regulate to up their game, and there’s a lot they can do,” he said.
Lawsky also restated his desire to go after individuals who are to blame, arguing that settlements reached with organizations are not having enough effect on employee behavior. “When you take a step back, that’s bizarre…If there are consequences for those people, the one you’re sure who engaged in intentional, reckless or bad conduct, that’s how you change behaviors,” said Lawsky.
However, Lawsky still does not believe that “cowboy regulators” are the answer saying, “you have to be really sure you have the facts straight before you make a move” in a criminal case. His office does not have criminal authority but he said they try to follow the same ethics when handing down civil actions against organizations.