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The NY DFS Cyber security Regulation (23 NYCRR 500) is a new set of regulations from the NY Department of Financial Services (NYDFS) that places new cyber security requirements on all covered financial institutions.

Frequently Asked Questions

  • Are there any penalties for non-compliance?

    Under the new DFS scheme, company executives must certify compliance with the NY DFS regulations on an annual basis. Should those certifications prove incorrect, they could provide the basis for the DFS or consumers to make claims against banks, insurers and other financial services firms for breach of such certification.

    The proposal notes that its requirements will be enforced “under any applicable laws,” which include laws: e.g., New York Banking Law, New York Insurance Law That contain individual civil and criminal penalties for intentionally making false statements to DFS

  • What should my business do to be compliant?

    Map internal and external products / devices that store data Log and require company equipment used to be covered under your data security policy and ensure data encryption is utilized.

    Items such as, but not limited to: servers, hard drives, SSDs, USB Flash drives, computers and mobile devices.

    Inventory Analysis Evaluate the amount of personal data in totality. Purge Eliminate archives of unnecessary personal identifiable information (PII).

    Controllers of Information Review privacy risk and impact assessments. Contracts Future-proof your business by enacting policies now that become mandatory after the effective start date of February 2018

    Data Breaches Regulation requires notice within 72 hours.

  • How does New York's Cybersecurity Regulation (23 NYCRR Part 500) affect my business?

    Business within the banking, insurance and other financial services industry within New York City or if you provide a service or on contract as a vendor to these industry firms, you will need to follow and be subject to these rules as well.

    You will also need to be compliant to the regulation and rules in having the right systems in place for security and data storage encryption of information. Requires organizations who process or hold personally identifiable information to implement adequate security measures to protect personal data loss.



    Cybersecurity Compliance (NYCRR 500)

    This book was written to provide a cost-effective overview to obtain cybersecurity compliance in easy to understand terms. The book is short enough to be read during a morning train commute to work and provides citations to the statute to be used as a reference for more detailed study.

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    23 NYCRR Part 500 (Course)

    The New York State Department of Financial Services (DFS) 23 NYCRR 500 regulation requires institutions regulated by DFS to establish and maintain a cybersecurity programs. This course exposes the student to relevant information security concepts and cyber security program implementation points.

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    23 NYCRR Part 500 – Definitions

    The NYDFS Cyber security Regulation (23 NYCRR Part 500) applies to all covered entities meaning “any person operating under or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the Banking Law, the Insurance Law or the financial Services Law.”

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    “The cornerstone of our Regulation…”

    "The cornerstone of our Cybersecurity Regulation is ensuring that all private data is protected, and this is not just an aspirational goal. We remain committed to ensuring that cybersecurity is treated with the urgency it requires so as to best protect New York consumer data."

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