Achieving Compliance with New York State Department of Financial Services Cybersecurity Requirements for Financial Services Companies
Cybercriminals seek to exploit technological vulnerabilities to gain access to sensitive electronic data and financial transactions and can cause significant financial losses for any regulated entities and consumers whose private information may be revealed or stolen. The financial services industry is a significant target for cyber threats due to the direct impact of monetary gain by targeting the industry.
Given the severity of the issue and the risk to all regulated entities, certain regulatory minimum standards are warranted to mitigate flaws in technological advancements. BeyondTrust has been monitoring the legislation from The New York State Department of Financial Services (“DFS”), 23 NYCRR 500 to combat the ever-growing threat posed to information and financial systems by nation-states, terrorist organizations and independent criminal actors. This regulation is designed to:
- Promote the protection of customer information
- Promote the protection of information technology systems of regulated entities
- Requires each company to assess its specific risk profile
- Design a program that addresses its risks in a robust fashion.
- Annual certification confirming compliance with these regulations by senior management
Achieving Compliance with 23 NYCRR 500
BeyondTrust and the New York State Department of Financial Services encourage all financial entities with business in New York state to act promptly to adopt a cybersecurity program that meets these objectives. Download this technical brief and learn how BeyondTrust solutions meet the requirements for 23 NYCRR 500.