The NYDFS Cybersecurity Regulation (23 NYCRR 500) is a new set of regulations from the NY Department of Financial Services (NYDFS) that places cybersecurity requirements on all covered financial institutions. The rules require covered institutions to develop and implement an effective cybersecurity program, assess their cybersecurity risks and develop plans to proactively address those risks. databrackets certified privacy and security professionals can help your organization comply with New York cybersecurity requirements in the most efficient and cost-effective way.
Why Does NYDFS Compliance Matter?
In response to increasing cybersecurity risks to the financial institutions, in March 2017, the New York Department of Financial Services instituted 23 NYCRR 500, a cybersecurity regulation unlike any other. The regulation establishes minimum security requirements to protect financial institutions’ data and their customers from cyberattacks. Building on over a decade of experience helping government, healthcare, finance, and wider enterprise organizations meet their data compliance requirements, databrackets is actively supporting customers preparing for the NYDFS Cybersecurity Regulation. By helping organizations secure data, manage risk, and audit data handling processes, databrackets delivers practical solutions to a complex list of compliance requirements.
Key NYDFS Regulations:
Section 500.00: This regulation requires each company to assess its specific risk profile and design a program that addresses its risks in a robust
fashion. Senior management must take this issue seriously and be responsible for the organization’s cybersecurity program and file an annual certification confirming compliance with these regulations.
Section 500.01: (h) Penetration Testing means a test methodology in which assessors attempt to circumvent or defeat the security features of an Information System by attempting penetration of databases or controls from outside or inside the Covered Entity’s Information Systems.
Section 500.02 Cybersecurity Program: (a) Each Covered Entity shall maintain a cybersecurity program designed to protect the confidentiality, integrity and availability of the Covered Entity’s Information Systems.
Section 500.03 Cybersecurity Policy: Each Covered Entity shall implement and maintain a written policy or policies, approved by a Senior Officer or the Covered Entity’s board of directors (or an appropriate committee thereof) or equivalent governing body, setting forth the Covered Entity’s policies and procedures for the protection of its Information Systems and Nonpublic Information stored on those Information Systems.
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