What is the NYDFS Cybersecurity regulation? (23NYCRR 500) – 2021

What is NYDFS cybersecurity regulation?

The New York Department of Financial Services (NYDFS) is the department that regulates certain covered entities and licensed persons in the financial services sector doing business in New York. This department has established a set of regulations called “The NYDFS cybersecurity regulation (23NYCRR 500) that demands some cybersecurity requirements on different financial institutions.
Under New York’s Department of Financial Services Cybersecurity regulation (23NYCRR 500) all covered entities are required to certify each year that they comply with the regulation. Small business? You still need to follow many sections of the law. Headquartered elsewhere? If you do business in New York, the law applies to your company. State-chartered banks, licensed lenders, private bankers, mortgage companies, and insurance companies, as well as their third-party service providers? Yes, this means you.

Please Remember: Although some limited exemptions apply, let’s be clear If you qualify for a limited exemption you must still file the certification of compliance.

When is the 2021 deadline for filing certifications of compliance?

According to the DFS portal, the key date for 2021 filings is on April 15, 2021 (formerly February 15). If you are a Regulated entity and licensed person you must file the Certification of Compliance for the calendar year 2020 by this date.

 

Under 23 NYCRR 500, a program must coincide with best practices that support:

• Information Security

• Access Controls and identity management

• Business continuity and disaster recovery planning

• Security and Personnel Training

• Security of information systems

• Network Security

• Periodic risk assessments

• Internal reporting and auditing

• Data Encryption and Protection

• Threat Feed Detection

• Incident Response Plans

• Multi-Factor Authentication

• Vendor/Third-Party Risk Assessments

 

Talk to a trusted cybersecurity provider about the mandates of 23 NYCRR 500. Contact us and schedule your Free, CONFIDENTIAL DFS Cyber Security Compliance Audit today, and check off the first step to comply with the NYDFS Regulation.