What does Nydfs apply to?
The NYDFS Cybersecurity Regulation applies to all entities operating under DFS licensure, registration, charter, or those that are otherwise DFS regulated. The regulation also applies to unregulated third-party service providers working with regulated entities.
What is Nydfs compliance?
The NYDFS Cybersecurity Regulation works by imposing strict cybersecurity rules on covered organizations, including the installment of a detailed cybersecurity plan, the designation of a Chief Information Security Officer (CISO), the enactment of a comprehensive cybersecurity policy, and the initiation and maintenance …
Who is subject to Nydfs cybersecurity regulation?
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).
Who does 23 Nycrr 500 apply to?
NYCRR 500 applies to banking, insurance, and financial services companies operating in the state of New York.
What is a covered entity under Nydfs?
A Covered Entity, for purposes of the Cybersecurity Regulation, is “any Person operating under or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the Banking Law, the Insurance Law or the Financial Services Law.” 23 NYCRR §500.1(c).
Who regulates credit unions in NY?
NYS Department of Financial Services
REGULATION AND SUPERVISION Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA), an independent agency. New York’s state-chartered credit unions are regulated by the NYS Department of Financial Services (DFS).
Who regulates credit unions in New York?
the New York State Department of Financial Services
It is the duty of the New York State Department of Financial Services to make certain that credit unions are fulfilling their mission to serve the public. This duty is not taken lightly. All of the requirements for organizing and operating a credit union must be completed as required by law and regulation.
What is the NY shield act?
What is New York’s SHIELD Act? In July 2019, New York passed the Stop Hacks and Improve Electronic Data Security (SHIELD) Act, a law that amends the existing data breach notification law and imposes more data security requirements on companies who collect information on New York residents.
What states have adopted the NAIC Insurance data security model law?
NAIC Insurance Data Security Model Law (MDL-668) Update
| State | Effective Date | Compliance Date for ISP Requirements |
|---|---|---|
| Alabama | 5/1/2019 | 5/1/2020 |
| Connecticut | 10/1/2019 | 4/19/2021 |
| Delaware | 7/31/2019 | 7/31/2020 |
| Hawaii | 7/1/2021 | 7/1/2022 |
What is a cyber security exemption?
500.19(a)(3) – You are entitled to this exemption when a Covered Entity has less than $10,000,000 in year-end total assets. This is a limited exemption and you must still design and implement a cybersecurity program that meets some but not all the regulatory requirements.
What does the Gramm Leach Bliley Act permit?
The Gramm-Leach-Bliley Act requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.
What DFS 500?
The NY DFS 500 regulation is designed to promote the protection of customer information as well as the information technology systems of regulated entities. It is critical for all regulated institutions that have not yet done so to move swiftly and urgently to adopt a cybersecurity program.