NYDFS floats state-wide cybersecurity plans and farewells chief
The New York Department of Financial Services earned a fearsome reputation under its previous boss Ben Lawsky, clocking up some $6bn in fines against financial services companies in the State in just four years. Now the department is 'recommending' that regulations be put in place to ensure that all financial services companies operating in the state have specific cyber-security policies and practices in place; given the nature of the the cyber-issues, such regulation would have global consequences for these firms. The regulator puts no time scale on these regulations. Meanwhile its Acting Superintendent, Anthony Albanese, has announced his departure without any replacement in sight.

New York Governor Andrew Cuomo addresses the media before participating as an honorary grand marshall in the West Indian Day Parade in Brooklyn, New York Thomson Reuters

The regime change at the New York Department of Financial Services is far from over.

Acting DFS superintendent Anthony Albanese is quitting, according to a report from The Wall Street Journal.

His departure comes as New York Governor Andrew Cuomo's search to replace Benjamin Lawsky drags on. Lawsky quit earlier this year, relinquishing his role to Albanese temporarily.

The Journal report says Cuomo’s staff has sought to exert more control over DFS in the months since Lawsky departed. Albanese downplayed that speaking with the Journal, saying his role and tenure “was always intended to be a temporary position to help smooth the transition process.”

With his exit, and no new superintendent known, it’s not clear how the transition process is working.

Throughout Lawsky's tenure as head of DFS, he aggressively pursued cases on Wall Street and earned a reputation for cracking down on illegal behavior.

By the time Lawsky left, the DFS had issued a staggering $6 billion in fines to financial services firms over a four-year span.

Business Insider reached out to the governor's office and to the DFS; neither provided comment by publication time.