What the NYS DFS 500 amendment means for regulated entities?
The NYDFS 500 Cybersecurity Regulation, a dynamic framework, is designed to safeguard New York’s financial institutions from the escalating threat of cybercrime. Enforced by the New York Department of Financial Services, the regulation mandates stringent cyber security measures, including risk assessments, designation of a qualified CISO, and comprehensive incident response protocols. Since its inception in 2017, the regulation has evolved significantly, with recent amendments introducing heightened requirements to address common cyber vulnerabilities.
The report delves into the enforcement actions taken by NYDFS, highlighting key compliance challenges and offering strategic recommendations to fortify cyber security defenses.
It includes:
- Top 10 List of most impactful new requirements to the covered entities.
- Analyses the types of security incidents and the sections of the regulation that were found to have been violated.
