Boards of directors need to maintain an appropriate level of cyber expertise, incidents must be reported within 72 hours after determination, and all ransom payments made must be reported within a day. Those are just some of the changes made by The New York State Department of Financial Services to its Cybersecurity Requirements for Financial Services (23 NYCRR 500), effective November 1, 2023.
Across the globe, the financial services sector is affected by increased security regulations. To name a few, there is the United States’ Executive Order on Improving the Nation’s Cybersecurity, the European Union’s NIS2 Directive, the SEC’s new rules on disclosures, and ISO 20022.
Banks and other financial institutions have the one thing every criminal desires. Money. So, it only makes sense that cybercriminals prioritize attacking this industry sector, and it makes even more sense for these institutions to harden their systems to prevent attacks.
Financial entities throughout the European Union are preparing for the Digital Operational Resilience Act (DORA), a new piece of legislation to strengthen the digital resilience of credit institutions, investment firms, insurers, and more. DORA focuses on breach prevention and cyber resilience, meaning financial institutions must prioritize both protecting their attack surface and incident response planning.
Disasters rarely strike with advanced notice. That’s especially true in the business world, where there’s no such thing as a business meteorologist to forecast potential threats that may beset a company’s personnel or assets. That’s where a Business Continuity Plan comes into play.
