Justin Herring has been named executive deputy superintendent of the newly created Cybersecurity Division at the New York State Department of Financial Services (“DFS”).
The new division, which focuses on protecting consumers and industries from cyber threats, is the first of its kind to be established at an insurance or banking regulator.
“Increasingly today, counterterrorism is about cybersecurity, our biggest threat and our biggest challenge, and Justin's extraordinary background as a prosecutor and cyber and economic crimes expert positions him well to lead this new division, bringing together DFS's longstanding leadership in cybersecurity and cyber policy,” the acting DFS superintendent , Linda A. Lacewell, said in a statement. “As technology changes the financial services industry, regulation must evolve, and DFS is evolving to meet the challenges and opportunities of the new landscape, to protect consumers, safeguard the industry, and encourage innovation.”
Mr. Herring is chief of the U.S. Attorney's Office of New Jersey's first Cyber Crimes Unit, supervising all cybercrime cases in the District of New Jersey, including national security threats, malware and ransomware campaigns, major hacks targeting corporations, financial institutions, accounting firms and government networks, and cyber-enabled frauds such as business email compromises and account takeovers.
Mr. Herring said, “I look forward to bringing my expertise to DFS to lead this new division to combat the growing problem of cybercrime, protect New Yorkers and their sensitive information from attacks, and ensure that DFS continues to be a leader in cybersecurity.”
As a member of the U.S. Attorney's Economic Crimes Unit, Mr. Herring prosecuted and supervised a range of white collar cases involving investment fraud, stock manipulation, money laundering, insider trading, and corporate embezzlement. In addition, he has experience in digital currency cases, including tracing digital currency transactions, investigating money laundering through digital currency, and prosecuting unlicensed digital currency exchanges and Ponzi schemes based on purported digital currency cases.
The DFS said that its new Cybersecurity Division will enforce the DFS's cybersecurity regulations, advise on cybersecurity examinations, issue guidance on the DFS's cybersecurity regulations, and conduct cyber-related investigations in coordination with the Consumer Protection and Financial Enforcement Division. The Cybersecurity Division, which also will disseminate trends and threat information about cyber-attacks, will incorporate the DFS's existing subject-matter experts in cybersecurity, who are currently spread across other divisions, and continue to develop that expertise within the DFS's existing personnel and by hiring additional experts as necessary, according to the DFS.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].