February 10, 2017 -
New York banks, insurance companies and other financial institutions are preparing to adopt multi-factor authentication including biometrics in compliance with the new cybersecurity rules, which take effect on March 1st, according to a report by Bloomerg BNA.
New York Department of Financial Services’ (NYDFS) cybersecurity program is intended to protect consumers and ensure the safety of the state’s financial services industry.
One of the requirements of the NYDFS cybersecurity program calls for organizations to use multi-factor authentication “to protect against the unauthorized access” of private and other protected systems information.
Several banks have already deployed biometric authentication solutions in advance of the March 1 implementation deadline to improve security.
The Royal Bank of Scotland Group Plc has partnered with BioCatch to deploy multi-factor authentication technology before the NYDFS cybersecurity rules are implemented.
BioCatch’s multi-factor authentication technology tracks the user’s multiple biometric identifiers including fingerprints, typographical keyboard strokes, timing and other attributes to detect any anomalies throughout a consumer’s experience, BioCatch’s director of innovation Kevin Hanley said.
The new cybersecurity requirements has seen a backlash from some organizations in the financial community, however, making banks and other financial institutions enhance their cybersecurity measures can only benefit consumers.
Previously reported, BioCatch launched its next-generation platform to optimize the implementation and performance of behavioral biometrics online and on mobile at the enterprise level.