Analyst Report

Executive Summary | New New York Cybersecurity Requirements: 23 NYCRR 500

Cybersecurity is top of mind for every executive, in every industry and in every geography. But you’d be hard-pressed to find an intersection of industry and geography where cybersecurity is as compelling a topic as the New York-based financial services industry. The clock is ticking on financial services organizations required to implement the latest iteration of the New York Cybersecurity Requirements, known as Part 500, and a recent webinar explored a number of the key issues affecting organizations that must comply with this mandate.

The webinar, hosted by American Banker and sponsored by Prevalent, provided both high-level requirements under the statute and shared a number of key, pragmatic steps organizations can and should take. And, as risk mitigation expert presenter Brad Keller pointed out, it’s important to look at the New York cybersecurity requirements not just from a compliance standpoint, but also as a way to protect organizations on a continuous basis against new and evolving threats.

“For folks who have an active cybersecurity program, a lot of what they are going to see in the regulation is not going to be new to them,” said Keller, who is senior director and third-party practice lead at Prevalent. “Why we get focused and interested in this particular set of requirements is that many of them are very prescription. It’s really about that risk assessment.”

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