Credit: nevodka.com/Adobe Stock Keeping Up With Cybersecurity: NYDFS Cybersecurity Regulation Enhancements Are Coming. Be Prepared.
In its latest effort to ensure robust cybersecurity of Covered Entities, on July 29, 2022, NYDFS exposed for comment a pre-proposed second amendment to Part 500. Here are 10 such changes that Covered Entities need to know about the pre-proposed second amendment.
September 30, 2022 at 02:10 PM
8 minute read
Financial Services and Banking
On March 1, 2017, the New York State Department of Financial Services' (NYDFS) Cybersecurity Requirements for Financial Services Companies, 23 NYCRR 500 (Part 500), became effective. NYDFS describes Part 500 as a first-of-its-kind state regulation that created mandatory cybersecurity and risk management regulations for Covered Entities. Part 500 defines Covered Entities as persons operating under or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the Banking Law, the Insurance Law or the Financial Services Law.
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