Bill Status of HB2829 101st General Assembly
Short Description: FINANCIAL INST CYBERSECURITY
Rep. Anne Stava-Murray
| 1/13/2021||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Financial Institution Cybersecurity Act. Provides that persons and entities operating under the authority of the Secretary of Financial and Professional Regulation under the Illinois Banking Act, the Illinois Insurance Code, the Savings Bank Act, the Illinois Credit Union Act, the Corporate Fiduciary Act, and the Residential Mortgage License Act of 1987 must maintain a cybersecurity program to protect the confidentiality of their information systems. Requires the implementation and maintenance of written policies to protect information systems. Makes provisions for testing, risk assessment, audit trails, and third-party service provider policies. Provides for supervision by the Secretary of Financial and Professional Regulation. Requires annual certifications beginning November 1, 2020. Effective January 1, 2020.