On March 1, 2017, New York issued the 23 NYCRR Part 500 guideline, a regulation that demands financial firms to execute a thorough framework to better safeguard the data privacy of their consumers. This is pretty identical to PCI DSS, which also outlays how retailers must display that they’ve taken proper care to prevent data infringements by following specific procedures, installing & maintaining equipment, and reporting.
The 23 NYCRR Part 500 regulation is applicable to any registered companies to measure their cybersecurity risk profiles and execute a thorough plan that identifies and lessens that risk. To help corporations in preventing data beaches certain regulatory minimum standards have been set, including:
Risk based minimum standards for information technology systems, including data protection & encryption, access controls, and penetration testing.
Requirements that a program is sufficiently funded, supervised by a CISO, and executed by qualified cybersecurity staff.
Active incident response plans that encompass preserving data in order to respond to data breaches including notice inside 72 hours to the New York State Department of Financial Services.
Liability given by identification & documentation of insufficiencies, remediation plans, and certifications of compliance on a yearly basis.
Audit trails designed to detect & respond to cybersecurity events.
Annual reports covering the risks encountered, all material events, and the impact on protected data.
What kind of organizations must comply with The 23 NYCRR Part 500 regulation?
The 23 NYCRR Part 500 regulation covers any companies that’s regulated by the New York State Department of Financial Services.
Insurance companies doing business in NY
Non-U.S. banks licensed to operate in NY
Trust companies
Service contract providers
Private bankers
Mortgage companies
Licensed lenders
State-chartered banks
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