New York State Cybersecurity Regulation for Financial Services and Insurance Entities
The New York State Department of Financial Services (NYSDFS) has issued an updated version of its proposed Cybersecurity Requirements For Financial Services Companies, known as 23 NYCRR 500.These guidelines require banks, insurers and other financial services companies regulated by the NYDFS to set up a cybersecurity program aimed at protecting consumer information from being compromised or stolen.
The regulations demand that companies must ratify:
- Controls relating to the framework for a strong cybersecurity plan including requirements for a plan that is sufficiently funded, staffed and overseen by qualified management, as well as, reported on periodically to the most senior governing body of the organization
- Risk-based minimum standards for technology systems including access controls, data protection, encryption and penetration testing
- Mandatory minimum standards to address any cyber breaches, including: an incident response plan, protection of data to respond to breaches, and informing the Department of Financial Services (DFS) of material events
- Accountability by demanding identification and documentation of material insufficiencies, remediation plans and annual certifications to the DFS
Download the New York 23 NYCRR 500 Security Controls
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