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.
