How The New York Department of Financial Services Cybersecurity Regulation Works

The New York Department of Financial Services released a set of regulations on February 16th, 2017. The Cybersecurity Regulation (23 NYCRR Part 500) places cybersecurity requirements on all covered financial institutions in the state. The rules were developed after two rounds of feedback from the industry and the public, outlining 23 sections that require covered institutions to measure their cybersecurity risks and build up plans to smartly address those risks.

Cybersecurity

The New York Department of Financial Services’ Cybersecurity Regulation applies to all entities licensed or registered by the department, including banks and other financial firms.

The New York Department of Financial Services (NYDFS) Cybersecurity Regulation has certain exemptions. If your organization has less than 10 employees, annual gross revenue of less than $5 million from New York operations in each of the past three years, and year-end total assets of less than $10 million, you are exempt from some of the requirements set forth in the Regulation.

How does The NYDFS Cybersecurity Regulation Work?

The New York Department of Financial Services Cybersecurity Regulation requires covered organizations to enact a detailed cybersecurity plan, designate a Chief Information Security Officer (CISO), pass a comprehensive cybersecurity policy, and initiate and maintain a continuing reporting system for cybersecurity events.

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