Four Phases of the 23 NYCRR 500 Regulations

Four Phases of the 23 NYCRR 500 Regulations – A Brief Overview

The threat of cyberattacks has been growing tremendously, because of which businesses operating in the financial and insurance industries in New York have been mandated to establish stronger cybersecurity programs. The New York State Department of Financial Services i.e., NYDFS, has hence passed a set of rules and regulations called the 23 NYCRR 500 for supervising the banks, insurance organizations, and other financial organizations/institutions to create and keep up robust cybersecurity programs.

The first phase of the 23 NYCRR 500 regulations was finalized on March 1, 2017, needing the covered entities to comply with the regulation before August 28, 2017.

Want to get your organization compliant to the regulations within the set 23 NYCRR 500 timeline?

Four Phases of NYDFS Cybersecurity Regulation (23 NYCRR 500) The compliance requirements for 23 NYCRR 500 cybersecurity regulations were rolled out in four phases in a two years sequence. Let us check out the phases below –

Phase 1: By August 28, 2017– Development of a robust cybersecurity program: Covered entities need to design a cybersecurity program for protecting the confidentiality, integrity, and availability of the organization’s IT solutions in New York.

Development of cybersecurity policy: Covered entities must develop strategies that will help them in protecting the IT systems as well as non-public information.

Employing a Chief Information Security Officer (CISO): Covered entities require employing a qualified and experienced individual from within their firm or through a third party to supervise and implement cybersecurity programs efficiently.

Limiting User Access: The covered entities need to limit user access to their organization’s IT systems and non-public information as required.

Employing Cybersecurity Personnel and Intelligence: Covered entities should employ qualified individuals for managing the security risk and supervise the performance of significant security functions. Read Continue

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