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FREQUENTLY ASKED QUESTIONS REGARDING 23 NYCRR PART 500. Effective March 1, 2017, the Superintendent of Financial Services promulgated 23 NYCRR Part 500, a regulation establishing cybersecurity requirements for financial services companies. The following provides answers to frequently asked questions concerning 23 NYCRR Part 500.
On March 1, 2017, the Department of Financial Services enacted a regulation establishing cybersecurity requirements for financial services companies, 23 NYCRR Part 500 (referred to below as “Part 500” or “the Cybersecurity Regulation”).
The NYDFS Part 500 Cybersecurity Regulation (23 NYCRR Part 500) is designed to protect customer data and information technology systems in the financial sector. The regulation has been in force since March 1, 2017.
20 Ιαν 2023 · Financial institutions operating in New York must comply with the 23 NYCRR 500 requirements to prevent cybersecurity risks from impacting sensitive consumer data. Complying with 23 NYCRR 500 will help you implement best practices to secure financial service transactions.
The NYDFS Cybersecurity Regulation (23 NYCRR 500) is a set of regulations from the New York State Department of Financial Services (NYDFS) that places cybersecurity requirements on all Covered Entities (financial institutions and financial services companies).
N.Y. Comp. Codes R. & Regs. Tit. 23 § 500.11 - Third-party service provider security policy. (a) Each covered entity shall implement written policies and procedures designed to ensure the security of information systems and nonpublic information that are accessible to, or held by, third-party service providers.
New York’s cybersecurity regulation in a nutshell—23 NYCRR 500. WHO NEEDS TO COMPLY? All insurance agents, brokers and companies that are licensed in New York state are subject to the requirements of this regulation. This includes nonresident licensees.
