Posts

Why The Shield Act In New York Is A Big Deal

Image
The SHIELD Act in New York is a bill that was introduced in 2019 by Andrew Cuomo, Governor of New York City. Its purpose is to provide protection for companies that share information about cyberthreats with each other so that they can work together to prevent data breaches and protect their customers’ information. The new SHIELD Act protects businesses from cyberattacks by requiring that they report any security breaches to both the New York Attorney General and their customers. This is a big deal because it covers a wider spectrum of businesses in New York. It applies to all businesses that have customers in New York and those that do business there, regardless of where they are located. It also applies to any breach involving New York residents’ personal information, regardless of where the company is located or where the hack occurred. That means if you’re an out-of-state business with employees or customers in New York, you still have to comply with th...
Post a Comment
Read more

What The NY DFS Cybersecurity Regulations Mandate?

Image
The NYS DFS (New York State Department of Financial Services), declared 23 New York Code Rules and Regulations 500 (23 NYCRR 500), a cybersecurity regulation for financial service organizations doing business in New York state. All banks, financial organizations and identical businesses must comprehend their accountabilities under 23 NYCRR 500, especially for strong authentication & securing data. Listed below are the requirements 23 NYCRR 500 places on financial institution operating in the state of NY. Prepare policies & procedures for safeguarding information systems: There should be a standard written guideline with procedures in place to safeguard information system, consumer data, and other nonpublic minutiae. The guideline must be based on a comprehensive & stout risk evaluation. Hire a CISO: All financial institutions must appoint a Chief Information Security Officer who is accountable for supervising & executing a cybersecurity program that safeguards system...
Post a Comment
Read more

What The 23 NYCRR 500 Regulation Is All About

Image
  Because of the increasing sophistication of cyber attacks over recent years, the NY Department of Financial Services (NYDFS) propagated 23 NYCRR 500, a law establishing cybersecurity requirements for financial service firms. Though most of the rules this regulation is asking for is already considered best-practice, some firms haven’t executed these processes. Violating these regulations can invite hefty non-compliance penalties. Do I need to comply with 23 NYCRR 500? The regulation is applicable to all covered entities meaning “any person operating under or need to operate under a registration, license, permit, charter certificate, accreditation or identical consent under the insurance law, the banking law or the financial service law.” The organizations that need to comply include but not limited to private bankers, licensed lenders, mortgage companies, state-charted banks, insurance companies, and oversea banks licensed to operate in NY. There’re limited exclusions to the r...
Post a Comment
Read more

Are You Yet To Be In Compliance With 23 NYCRR Part 500

Image
The 23 NYCRR 500 is a set of regulation regulated by the NYDFS that places new cyber security requirements on all covered financial organizations. The guidelines were introduced on 16th February, 2017 after 2 rounds of feedback from industry & the public. These rules recognize the ever-increasing risk prompted to financial systems by cyber criminals, and are implemented to make sure businesses efficiently safeguard their clients’ confidential information and data from cyber threats. This encompasses doing frequent security risk appraisals, keeping audit trails of asset use, offering protective infrastructures, sustaining procedures and policies for cyber security, and making an incident response plan. Who needs to comply with 23 NYCRR Part 500? The 23 NYCRR 500 regulations apply to any registered firm offering financial services. • State-chartered banks • Licensed lenders • Private bankers • Foreign banks licensed to operate in NY • Mortgage firms...
Post a Comment
Read more

What is 23 NYCRR 500 And How It Work

Image
In this post, we’ll talk about 23 NYCRR 500 that has a significant impact on the banking, financial and insurance industries operating in New York. NYDFS, New York State Department of Financial Services has employed its authority under state law to safeguard consumers & to make new regulations around cybersecurity. The regulation applies to most financial services organizations covered under NYDFS including banks, and insurance companies. To sum up, 23 NYCRR 500 needs administered entities to appraise their cybersecurity risk profiles & execute a complete plan that identifies & diminishes that risk. The working process of NYDFS Cybersecurity Regulation: The New York State Department of Financial Services Cybersecurity Regulation works by enforcing firm cybersecurity principles on covered institutions, encompassing the label of a CISO, the installment of a thorough cycbersecurity plan, the ratification of a complete cybersecurity strategy, and the introduction o...
Post a Comment
Read more

23 NYCRR 500 – What You Need to Know

Image
Financial institutions & services are the main targets for hackers these days. It’s increasingly becoming a problem year after year. With the increasing occurrence of cybersecurity attacks, new regulation proposals are in work (23 NYCRR500 compliance). It needs all financial institutes & services in NY to authenticate their cybersecurity preventative measures in the form of a report known as Certification of Compliance.  The objective of this regulation is to protect private & sensitive data of consumers from illicit individuals who can utilize it in a spiteful way, such as holding back the info for reimbursement (ransomware attack) or making use of the sensitive data to conduct an offense, for example, securities scams or funding a terrorist union. However, some entities don’t have to abide by these regulations, for example, entities with fewer than ten workers, including autonomous contractors.  23 NYCRR 500 Compliance has many requirements tha...
Post a Comment
Location: New York, NY, USA
Read more

Four Phases of the 23 NYCRR 500 Regulations – A Brief Overview

Image
The threat of cyberattacks has been growing tremendously, because of which businesses operating in the financial and insurance industries in New York have been mandated to establish stronger cybersecurity programs. The New York State Department of Financial Services i.e., NYDFS, has hence passed a set of rules and regulations called the 23 NYCRR 500 for supervising the banks, insurance organizations, and other financial organizations/institutions to create and keep up robust cybersecurity programs.  The first phase of the  23 NYCRR 500  regulations was finalized on March 1, 2017, needing the covered entities to comply with the regulation before August 28, 2017. Want to get your organization compliant to the regulations within the set 23 NYCRR 500 timeline?  Four Phases of NYDFS Cybersecurity Regulation (23 NYCRR 500) The compliance requirements for 23 NYCRR 500 cybersecurity regulations were rolled out in four phases in a two ...
Post a Comment
Location: New York, NY, USA
Read more