New York 23 NYCRR 500

New York 23
NYCRR 500

New York is similar to California in the they are two of the most strict states when it comes to information security and financial compliance.

New York is similar to California in the they are two of the most strict states when it comes to information security and financial compliance. New York 23 NYCRR 500

Requirements

New York is similar to California in the they are two of the most strict states when it comes to information security and financial compliance.

Similar to PCI DSS, the NY 23 NYCRR 500 requires retailers and other companies to demonstrate that they have taken the necessary precautions to prevent and reduce chances of data breaches. This can be demonstrated through installing and maintaining equipment, implementing security centric processes and necessary reporting to identify changes in the system.

Impacts Several
Industries

Licensed lenders and mortgage companies

State-chartered banks and Private banks

Trust companies

Service contract providers

Insurance companies doing business in New York

Non-U.S. banks licensed to operate in New York

The Basics for NY 23 NYCRR 500

The basics for NY 23 NYCRR 500 requires any entity that collects and maintains consumer information related to financials to create a plan to identify and mitigate risks associated with the data they protect.

In order to do this, the minimum standards include the following:

Annual Reports detailing risk, events and any data impacted.
Audit trails for any cybersecurity events that were identified and responded to.
Implementation of data protection, encryption, access controls, and penetration testing to confirm systems are acceptable.
Proof that the security systems are appropriately managed and funded. This one includes oversight by a Chief Information Security Officer and appropriate implementation by qualified cybersecurity personnel. (This is where we come in!)
Documentation of deficiencies, certifications of compliance, and any necessary remediation plans to prove accountability.
Implementation of an event response plan including notification within 72 hours of breach and all efforts to preserve data.

In order to do this, the minimum standards include the following:

Annual Reports detailing risk, events and any data impacted.
New York 23 NYCRR 500
Audit trails for any cybersecurity events that were identified and responded to.
Implementation of data protection, encryption, access controls, and penetration testing to confirm systems are acceptable.
Proof that the security systems are appropriately managed and funded. This one includes oversight by a Chief Information Security Officer and appropriate implementation by qualified cybersecurity personnel. (This is where we come in!)
Documentation of deficiencies, certifications of compliance, and any necessary remediation plans to prove accountability.
Implementation of an event response plan including notification within 72 hours of breach and all efforts to preserve data.

At Digital Forge, we will get you in compliance, or identify if you’re exempt! If you are not exempt and need to meet NY 23 NYCRR 500, we will create a plan to get you up and running so business can begin or continue in New York.

At Digital Forge, we will get you in compliance, or identify if you’re exempt! If you are not exempt and need to meet New York 23 NYCRR 500, we will create a plan to get you up and running so business can begin or continue in New York.