NYDFS Cybersecurity Risk Assessment

NYDFS Cybersecurity Risk Assessment

Nathan Labs

  • All Covered Entities must adhere to the NYDFS Cybersecurity Regulation (23 NYCRR 500), a collection of rules from the New York State Department of Financial Services (NYDFS) (financial institutions and financial services companies). It has 23 sections that outline the NYDFS cybersecurity requirements for creating and putting into practice an efficient cybersecurity program. Covered Entities are required to evaluate their nydfs cybersecurity risk assessment and create a proactive action plan.
  • Any companies operating or required to operate under DFS licensure, registration, charter, or who are otherwise DFS-regulated, as well as their third-party suppliers and service providers, are subject to the NYDFS Cybersecurity Rule. A few instances of covered entities are Private chartered banks, Foreign banks who operate in New York, Insurance companies, Lenders, etc.
  • Organizations must adhere to all of the practices listed above as the NYDFS Cybersecurity Regulation is now fully implemented. These practices include appointing a CISO, conducting periodic nydfs risk assessments, maintaining a cybersecurity program that adheres to the NIST Cybersecurity Framework, and investing in third-party risk and fourth-party risk management programs.

Why NYDFS compliance is important?

  • Severe penalties will be imposed if a company is found violating this compliance while conducting operations in New York.
  • Nathan Labs is dedicated to helping companies navigate the intricate landscape of cybersecurity compliance, particularly when it comes to adhering to the stringent NYDFS cybersecurity regulations and NYDFS cybersecurity requirements.
  • Our team of experts specializes in conducting comprehensive NYDFS cybersecurity risk assessments to identify vulnerabilities and potential threats, ensuring that your organization is fully prepared for regulatory scrutiny.
  • We take the guesswork out of NYDFS risk assessments by providing actionable insights and guidance, empowering businesses to develop robust cybersecurity programs that meet and exceed the regulatory standards set by the New York State Department of Financial Services. With Nathan Labs as your trusted partner, you can confidently navigate the complexities of NYDFS compliance while fortifying your cybersecurity posture.
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Nathan Labs has exceeded our expectations with their exceptional service and knowledgeable staff. We feel confident in our cybersecurity , ISO, GDPR measures thanks to their support.

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Nathan Labs dedication to our security needs has been outstanding. They have provided us with valuable insights and practical recommendations to enhance our security posture.

Alexander Harvard Co Founder / CEO

We appreciate Nathan Lab's proactive and thorough approach to cybersecurity. They have helped us identify and address vulnerabilities before they become serious threats.

Lindsay Swanson Creative Director

The experience of working with Nathan Consultants was positive, with the team providing a swift response and clear communication during the scoping process. The knowledgeable individuals involved in the initial discussions impressed the client and gave them the confidence to form a long-term partnership with Nathan Labs.

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Enable specific security capabilities including incident response, endpoint security, and email security that meets GDPR standards.

Detailed project management with roadmap, time, and appointment of internal resources to focus on security implementation that complies with ISO Standards.

Develop and refine policies to match business objectives and manage data risks in the systems and environments operated by the organization

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Our Certifications

Nathan Labs holds certifications including nydfs-cybersecurity-risk-assessment Lead Auditor, ISO 9000 Lead Auditor, and Qualified Security Assessor (QSA). Our expertise includes the gap assessment against the nydfs-cybersecurity-risk-assessment standard and the implementation of the information security policies that help organizations get their nydfs-cybersecurity-risk-assessment certification.


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Frequently Asked Questions (FAQ)

How Nathan Labs Can Assist You with NYDFS Cybersecurity Regulation Compliance
What is the NYDFS Cybersecurity Regulation (23 NYCRR 500)?

The NYDFS Cybersecurity Regulation is a set of rules outlined by the New York State Department of Financial Services (NYDFS) that applies to Covered Entities, including financial institutions and financial services companies. It mandates creating and implementing an effective cybersecurity program to address cyber risks.

Who needs to comply with the NYDFS Cybersecurity Regulation?

All Covered Entities operating under DFS licensure, registration, charter, or DFS regulation, along with their third-party suppliers and service providers, must adhere to the NYDFS Cybersecurity Rule. This includes private chartered banks, foreign banks operating in New York, insurance companies, lenders, and more.

What are the key requirements of the NYDFS Cybersecurity Regulation?

Covered Entities are required to assess their cybersecurity risks, create a proactive action plan, appoint a Chief Information Security Officer (CISO), conduct regular risk assessments, and maintain a cybersecurity program aligned with the NIST Cybersecurity Framework. They should also invest in third-party and fourth-party risk management programs

How can Nathan Labs help with NYDFS Cybersecurity Regulation compliance?

Nathan Labs specializes in guiding Covered Entities through the complexities of NYDFS Cybersecurity Regulation compliance. We offer tailored solutions to assess your compliance needs, develop and implement necessary measures, and ensure your cybersecurity program aligns with the regulation

What benefits does NYDFS compliance offer?

NYDFS compliance is crucial for avoiding severe penalties. Non-compliant companies conducting operations in New York could face significant fines and repercussions. Nathan Labs' expertise helps organizations ensure compliance, avoid penalties, and strengthen their cybersecurity posture.

How can I get started with Nathan Labs for NYDFS compliance?

To get started, reach out to us to discuss your organization's specific NYDFS compliance requirements and challenges. We'll create a customized plan to ensure your cybersecurity program meets NYDFS standards and safeguards your operations

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