NYDFS Cybersecurity Compliance

You Got a Notice: 23 NYCRR 500 Compliance Required

The Problem

The New York Department of Financial Services (NYDFS) requires strict cybersecurity controls for financial institutions, insurance agencies, and related entities operating in New York State.

You are facing:

  1. Mandatory compliance deadlines: NYDFS regulations require multi-factor authentication, annual risk assessments, incident response plans, and detailed reporting.
  2. Complex requirements: 23 NYCRR 500 covers access controls, encryption, audit trails, third-party service providers, business continuity, and more.
  3. Audit pressure: NYDFS conducts examinations and expects documented evidence of compliance across all required domains.
  4. Penalties for non-compliance: Fines, enforcement actions, and reputational damage if you fail to meet requirements.

The real problem: You need someone who understands both NYDFS regulations and how the required controls fit your existing environment without disrupting operations.

The Solution

NYDFS Compliance Program Leadership

We assess your current security posture against 23 NYCRR 500 requirements, direct the required control work with your IT team or provider, and maintain ongoing compliance documentation.

Gap Assessment

Comprehensive evaluation of all NYDFS requirements: access controls, MFA, encryption, risk assessments, incident response, business continuity, third-party management.

Control Direction and Verification

Specify the required controls for your IT team or provider to deploy, and verify them: multi-factor authentication, encryption for data at rest and in transit, access management, logging and monitoring.

Policy and Documentation

Create and maintain required policies: cybersecurity policy, incident response plan, business continuity plan, third-party service provider policy.

Annual Risk Assessment

Conduct annual risk assessments as required, document findings, track remediation, and provide evidence for NYDFS examinations.

Who This Is For

23 NYCRR 500 applies to:

  • Banks and credit unions
  • Insurance companies and agencies
  • Mortgage brokers and lenders
  • Investment advisors and broker-dealers
  • Other entities licensed or registered by NYDFS

Want to Self-Assess First?

Use our free NYDFS 23 NYCRR 500 Compliance Checklist to evaluate your current posture before booking a call.

Key NYDFS Requirements We Address

Multi-Factor Authentication (MFA)

Required for all privileged accounts and remote access. We specify MFA that fits your existing systems and verify your IT team or provider has deployed it.

Encryption

Data at rest and in transit must be encrypted. We assess current encryption posture and direct the required control work with your IT team or MSP.

Annual Risk Assessment

Comprehensive risk assessment required annually. We conduct framework-aligned assessments and provide documented evidence.

Incident Response Plan

Written plan required for responding to cybersecurity events. We create tested, executable incident response playbooks.

Third-Party Service Provider Management

Due diligence and monitoring of vendors required. We establish vendor risk management processes and documentation.

Book a NYDFS Compliance Assessment

We will review your current posture against 23 NYCRR 500 requirements, identify gaps, and provide a clear roadmap to compliance.

Book Assessment Call