The March 2019 DFS deadline has passed. Is your business compliant?
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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
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According to the new cyber security NYDFS regulations, it is mandatory for all covered entities to implement and file the following regulations by August 28th, 2017. Those who are not compliant by this deadline will be penalized.
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 cyber security program for your organization. The Compliance Experts at MDS will not only ensure you are compliant, but that you have implemented a more effective, long-term cyber security protocol in the process.
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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 CISO to oversee and implement the required cybersecurity program. The CISO may be employed by an affiliate, the regulated entity, or a third-party service provider.
With MDS’s Virtual CISO 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)
Audit Trail (Section 500.06)
Application Security (Section 500.08)
Risk Assessments (Section 500.09)
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.