Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

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). It includes 23 sections outlining requirements for developing and implementing an effective cybersecurity program, requiring Covered Entities to assess their cybersecurity risk and develop a plan to proactively address them.

After several large corporate accounting scandals in the early 2000s that led to investors losing billions of dollars, the US government passed the Sarbanes-Oxley Act of 2002. Commonly referred to as SOX, the bill established and expanded financial and auditing requirements for publicly traded companies in order to protect investors and the public from fraudulent accounting practices.

Since our last update in January, there has been an unprecedented amount of activity in the data privacy world. And yes, we probably do say that every time! New laws have passed in Virginia and Colorado. The UK’s post-Brexit EU adequacy was confirmed. Plus of course, the EU’s significant changes to Standard Contractual Clauses and the reawakening of the debates over Identity Verification, especially in the context of social media.