23 NYCRR Part 500

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...

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...