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NYDFS - Are You Prepared to Comply with All 4 Phases?

Posted by Cygilant on Apr 1, 2019

How Security-as-a-Service gives you a leg up in developing a comprehensive cybersecurity plan

If you’re one of the thousands of banks, mortgage companies, insurers and other financial service firms that do business in the state of New York, your deadline to complete the final phase of compliance with the New York Department of Financial Services (NYDFS) Cybersecurity Regulation is upon you.  

On March 1, 2019, you are required to ensure that third-parties who access your customers’ private data have security protections in place. This measure comes on the heels of three previous sets of requirements, rolled out in phases beginning in March of 2017, designed to address today’s increasingly sophisticated cybersecurity threats.

Five Steps to Compliance with New York’s New Financial Services Cybersecurity Rules

Posted by John Linkous on Jun 7, 2017

In early March, the State of New York’s Department of Financial Services (DFS) adopted a new set of rules in support of the state’s Financial Services Law.  Normally, this is not something that would be particularly news-worthy, as the DFS is chartered to implement rules of governance and management for financial services companies all the time; over the past few years, the DFS has issues rules regarding financial dispute resolution, debt collection, and even the use of Bitcoin and other virtual currencies.  What makes the March resolution – titled “23 NYCRR 500” – so interesting is that, for the first time, it defines specific cybersecurity governance requirements for all financial services companies operating in the state.  As you might expect, as New York City is one of the top three financial centers of the world, this ruling has a substantial impact.

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