All major DFS cybersecurity compliance deadlines have passed - are you prepared?
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On March 1, 2017, the NY State Department of Financial Services’ (DFS) issued new mandatory cyber security requirements for financial services, with required implementation to take place by August 28, 2017. This “risk-based, holistic, and robust security program” is designed to protect consumers’ private data within financial organizations. MDS has provided a comprehensive breakdown of the security requirements and the necessary solutions we provide to help get your cyber security framework compliant and secure.
Who is Affected?
The NYDFS Cyber Security Requirements cover any organization required to “operate under DFS license, registration or charter, or which are otherwise DFS-regulated, as well as, by extension, unregulated third-party service providers to regulated entitles.”
- state-chartered banks
- licensed lenders
- private bankers
- service contract providers
- trust companies
- mortgage companies
- insurance companies doing business in New York
- foreign banks licensed to operate in New York
What You Need to Do - and How MDS Can Help:
According to the new
While all this represents new challenges for organizations in the financial services field and beyond, the common denominator is that a sound strategy and the right tools and solutions will streamline, simplify and provide a stronger
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Cyber Security Program (Section 500.02)
Cyber Security Policies (Section 500.03)
Chief Information Security Officer (Section 500.04)
Appoint a CISCO to oversee and implement the required cyber security program. The CISCO may be employed by an affiliate, the regulated entity, or a third party service provider.
With MDS’s Virtual CISCO service, our certified engineers provide your organization with qualified MDS security advisers to assist in guiding security efforts, execute plans and implement a custom strategy for your company. MDS acts as an extension of your team, providing security program assessment, development and management.
Penetration Testing and Vulnerability Management (Section 500.05)
MDS Continuous Penetration Testing gives your organization a realistic look at how attackers exploit IT vulnerabilities and actionable ways on how to stop them. Our team not only conducts hundreds of penetration tests annually, but our engineers continuously train on the latest security innovations to ensure we understand this constantly evolving epidemic, learning the latest techniques to identify and negate threats.
Audit Trail (Section 500.06)
Application Security (Section 500.08)
Risk Assessments (Section 500.09)
Conduct bi-annual, documented risk assessments that consider threats and the examination of current controls in relation to identifying risk.
MDS offers assessments that evaluate the effectiveness of your cyber security controls and provides a prioritized and risk-based security road-map, with detailed recommendations to you can update your security protocol with confidence.
Cybersecurity Personnel and Intelligence (Section 500.10)
Multi-Factor Authentication (Section 500.12)
Limitations on Data Retention (Section 500.13)
Training and Monitoring (Section 500.14)
Encryption of Nonpublic Information (500.15)
All covered entities must implement encryption controls based on the mandatory risk assessment (Section 500.09), to protect Nonpublic Information held or transmitted over external networks. Such controls must be reviewed and approved by the mandated CISO on an annual basis.
Incident Response Plan (Section 400.16)
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