The NYS DFS (New York State Department of Financial Services) announced 23 New York Code Rules and Regulations 500 (23 NYCRR 500), a cybersecurity parameter for all financial establishments conducting business in New York City.
Regulated entities must have a cybersecurity program, cybersecurity policies, a CISO, access privileges, cybersecurity staff, incident response plan, and notification procedures.
23 NYCRR 500 is applicable to all organizations and individuals that are regulated by New York State Department of Financial Services, impacting any organization or individual that “operate under a license, charter, registration, permit, certificate, accreditation or identical consent under the New York insurance law, banking law, or the financial service law.”
The rule is also applicable to state-chartered and oversea banks licensed to work in NY . Furthermore, the regulation extends to third-party suppliers who process, store, and convey non-public info related with these entities and individuals. There are some exemptions for entities and individuals that have less than ten personnel, less than $5 million in annual revenue, or $10 million in total assets at the end of the financial year.
What are the potential penalties for failure to meet 23 NYCRR 500 regulations?
Falling short to comprehend the widespread coverage of 23 NYCRR 500, alongside the accessible exclusions, timing and limits of the exclusions under the final law, could subject a covered entity to possible penalties. Imposed by the New York State Department of Financial Services under New York law such enforcement authority include capability to issue an approval order, enforce a civil money penalty, or enter into a written contract with a covered entity under New York Banking Law, New York Insurance Law and New York Financial Service Law.
CompCiti’s purpose driven solution and approach will aid you accomplish 23 NYCRR 500 compliance in a way that’s aligned with your mission and provide you the technical and operational infrastructure to maintain that compliance over time. Also, CompCiti can act as your CISO taking care of all the details to ensure compliance.
Disclaimer: This content is created and provided by a third-party online content writer on behalf of CompCiti. CompCiti does not take any responsibility for the accuracy of this Content.