Risk //

Compliance

2/14/2018
05:30 PM
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Filing Deadline for New Infosec Law Hits NY Finance Firms Thursday

Banks and financial services companies in New York must file by tomorrow to certify they are compliant with the state Department of Financial Services' new cybersecurity regulation, 23 NYCRR 500.

Banks, insurers, and other financial services organizations in New York state have until tomorrow to file for their first annual certification of compliance with 23 NYCRR 500, the New York State Department of Financial Services' historic cybersecurity regulation.

The law officially went into effect March 2017; covered entities must be in compliance with the bulk of the regulation by March 1. This includes sections 500.04(b), 500.05, 500.09, 500.12, and 500.14(b) of the law, which mandate risk assessments, vulnerability assessments, penetration testing, multi-factor authentication, and end-user awareness training. 

Enforcement for the law's security incident reporting rule went into effect in August, requiring companies to report within 72 hours any event that has a "reasonable likelihood" of causing material harm to normal operations - a unique notification rule that goes beyond PII breaches to cover anything from intellectual property leaks to DDoSes.

The next compliance deadline - on rules for data use, data access, security personnel, and more - hits Sep. 18.  

For more information, see here

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio

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CustomEssay
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CustomEssay,
User Rank: Apprentice
3/12/2018 | 5:21:32 AM
Re: Given the state of security
Good work
CustomEssay
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CustomEssay,
User Rank: Apprentice
3/12/2018 | 5:21:11 AM
Re: Given the state of security
Really useful blog
REISEN1955
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REISEN1955,
User Rank: Ninja
2/15/2018 | 7:57:46 AM
Given the state of security
I would be surprised if a fraction of financial institutions are in compliance.  Down here in Georgia we have the collapse of Equifax as a prime example of game gone bad.   I work for a firm that DOES have a malware forensics department and a damn good one it is too.  Quite rare.  So - NYState?   Given the total mess that Albany is, I see nothing really changing at all - only getting worse.
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