About this Framework
23 NYCRR 500 (amended November 2023) mandates a comprehensive cybersecurity program for all financial services companies licensed by the NYDFS. The 2023 amendments introduced Class A entity requirements, mandatory CISO annual reporting to the board, required annual penetration testing, 72-hour reporting for ransom payments, and personal certification by senior officers of compliance. NYDFS has imposed fines exceeding $100 million including against First American Financial, Carnival Corp and Twitter/X.
Key Control Domains
Cybersecurity Program & Policy
CISO Designation & Board Reporting
Penetration Testing & Vulnerability Management
Access Privileges & Multi-Factor Authentication
Application Security
Risk Assessment
Incident Response & Reporting
Third-Party Service Provider Security
Encryption
Audit Trail Management
Who Needs This?
- Banks and financial institutions licensed by NYDFS
- Insurance companies operating in New York State
- Mortgage companies, brokers and servicers
- Money transmitters and virtual currency businesses
Compliance Benefits
- NYDFS regulatory compliance and multi-million dollar penalty avoidance
- Senior management accountability with board-level visibility
- Comprehensive cybersecurity program aligned to modern standards
- Widely used as a model for other U.S. state cybersecurity regulations
Official Reference
NYDFS Cybersecurity Regulation
https://www.dfs.ny.gov/industry_guidance/cybersecurity
Assessment Details
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