Prepare Your Organization for Compliance with the NYDFS Cybersecurity Regulation

Cyberattacks are on the rise, with bad actors accelerating their nefarious exfiltration of valuable and confidential data from financial institutions, Federal agencies, healthcare organizations, and more. According to an IBM study, the Financial Services industry saw an increase in the cost of da...

Why Data Security and Privacy in the digital age are crucial

Privacy is considered a basic human right but, with so much of our personal data now ‘out there’ in cyberspace, how private can it really be? Data is everywhere, and with rising internet usage, an increase in cloud technologies, and our growing reliance on IoT devices, it continues to grow...

What is NYDFS?

NYDFS Cybersecurity Regulation, 23 NYCRR 500 On March 1, 2017, the New York State Department of Financial Services NYDFS introduced new cybersecurity regulations for financial services companies that address the growing threat posed by cyber-criminality to financial firms. They are intended to...

Key Compliance Concepts for Financial Services

The Sarbanes-Oxley Act SOX was introduced following a number of financial scandals involving huge conglomerates and obliges companies to establish internal controls to prevent fraud and abuse, holding senior managers accountable for the accuracy of financial reporting. The financial crisis in 200...

New York State Implements Cybersecurity Regulation 23 NYCRR 500

On March 1st, 2017, sweeping new cybersecurity requirements were placed on organizations regulated by the New York State Department of Financial Services. The law applies to a broad set of covered entities that are supervised by the NYDFS, including banks, trusts, budget planners, check cashers,...

Cybersecurity Vulnerabilities Identified in Banking Vendors

In hopes of bolstering security, banks in New York over the next several weeks want to enact new regulations for any third party vendors they do business with. A report released last week pointed out that one in three N.Y. banks don’t require their vendors to notify them in the event they...