The New York Department of Financial Services (NYDFS) has established comprehensive regulations, known as the Cybersecurity Regulation (23 NYCRR 500), to protect the financial services industry and its customers from cyber threats. Here’s how zero trust access control aligns with and supports New York’s NYDFS cybersecurity regulation.
Our cloud-native access control solution verifies the identity and security posture of devices and users before granting them access to the network, which aligns with NYDFS cybersecurity regulation requirements for implementing risk-based authentication and access controls to protect sensitive data.
Leverage MFA integrations to require additional authentication factors to access the network or go a step further with full passwordless authentication via certificates. Both methods strengthen security and comply with NYDFS requirements for privileged accounts and remote access.
With the ability to check the state of every connected device’s anti-virus, firewall configurations, applications in use, and so much more, Portnox allows organizations to implement risk-based access policies that ensure effective endpoint and network security in line with NYDFS compliance.
The Portnox Cloud works in conjunction with security tools such as EDR/XDR and SIEM to detect and prevent unauthorized or malicious activities on the network. This helps in meeting NYDFS cybersecurity regulation requirements for implementing robust defenses to protect sensitive data.
With detailed logs and audit trails of access events, user activities, and device information, the Portnox’s cloud-native zero trust access control platform can aid in compliance with NYDFS requirements for monitoring and logging network activity, facilitating incident response, and conducting security audits.
The Portnox Cloud plays a crucial role in incident response by providing real-time visibility into network activity and isolating compromised devices or containing potential threats. This aligns with NYDFS requirements for maintaining an effective incident response plan and rapid response to cybersecurity events.
BYOD policies abound in today’s always-on-the-move corporate environments. And while it’s easy to focus on form over function – or user experience over security – all those connected devices may be posing a serious risk to your corporate network. Find out how Portnox’s 24/7 endpoint risk posture assessment capabilities are helping organizations keep their networks safe – no matter where workers are connecting from.
NYDFS cybersecurity regulation
The NYDFS cybersecurity regulation refers to the cybersecurity requirements set forth by the New York State Department of Financial Services (NYDFS). It is officially known as 23 NYCRR 500, which stands for Title 23 of the New York Codes, Rules, and Regulations, Part 500. The regulation was implemented to enhance the cybersecurity defenses of financial institutions operating under the jurisdiction of the NYDFS.
The NYDFS cybersecurity regulation became effective on March 1, 2017, and it applies to a wide range of financial services entities, including banks, insurance companies, and other financial institutions regulated by the NYDFS. The regulation was developed in response to the increasing threats and risks associated with cyberattacks and data breaches in the financial sector.
The key provisions of the NYDFS cybersecurity regulation include:
The NYDFS cybersecurity regulation imposes various requirements on covered entities to ensure the protection of sensitive data and the resilience of their cybersecurity defenses. Non-compliance with the regulation may lead to penalties and enforcement actions by the NYDFS.
The New York State Department of Financial Services (NYDFS) is the agency responsible for enforcing regulations and overseeing financial services activities in the state of New York. The NYDFS has broad regulatory authority over various sectors, including banking, insurance, financial institutions, and virtual currency businesses.
The NYDFS is entrusted with the responsibility of safeguarding consumers, ensuring the integrity of financial markets, and promoting compliance with laws and regulations in the financial industry. It conducts examinations, investigations, and enforcement actions to monitor and enforce compliance with applicable laws and regulations.
In the context of cybersecurity, the NYDFS is specifically responsible for enforcing the NYDFS cybersecurity regulation (23 NYCRR 500). This regulation imposes cybersecurity requirements on covered entities operating within the jurisdiction of the NYDFS, such as banks, insurance companies, money transmitters, and other financial institutions. The NYDFS conducts assessments, audits, and examinations to evaluate compliance with the cybersecurity regulation and may impose penalties or take enforcement actions against entities found to be non-compliant.
The NYDFS has the authority to issue regulations, licenses, and charters, as well as to conduct investigations, impose fines, and take other appropriate enforcement measures to ensure the safety, soundness, and security of the financial industry in New York State.
The New York State Department of Financial Services (NYDFS) was created with the goal of regulating and supervising the financial services industry in the state of New York. Its establishment was driven by a combination of factors and objectives, including:
Overall, the establishment of the NYDFS was driven by the need for a comprehensive regulatory body to ensure the integrity, stability, and consumer protection within the financial services industry in the state of New York.
The NYDFS 500 rule, officially known as 23 NYCRR 500, is a set of cybersecurity regulations implemented by the New York State Department of Financial Services (NYDFS). It is designed to strengthen the cybersecurity defenses of financial institutions operating under the jurisdiction of the NYDFS. The rule is divided into various sections, outlining specific requirements that covered entities must comply with to protect sensitive data and mitigate cyber threats.
The key provisions of the NYDFS 500 rule include:
These are some of the key requirements outlined in the NYDFS 500 rule. It is important for covered entities to thoroughly review the rule and consult legal professionals or compliance experts to ensure they comply with all applicable provisions.
