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December 1, 2017

Statement by Financial Services Superintendent Maria T. Vullo Regarding the TIO Networks Cybersecurity Incident

“DFS is working with our regulated entity, PayPal, to investigate and address issues related to cybersecurity vulnerabilities identified at PayPal’s subsidiary, TIO Networks. We applaud PayPal’s rapid response to the matter, which put consumers and business clients first, and we appreciate their efforts to inform DFS, as required, in a timely manner.  Events like these illustrate the necessity of DFS’s landmark cybersecurity regulation and underscore the strength and effectiveness of our strong state-based financial services regulatory framework, including for the fintech industry.”

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