Complying with the 23 NYCRR 500 Regulations
What are the 23 NYCRR 500 Guidelines?
Enterprises struggle to meet dynamic compliance needs due to cyber threats exploiting tech vulnerabilities, constantly endangering financial institutions and consumers.
The New York State Department of Financial Services (NYDFS) has observed the potential risks associated with the revelation or theft of private information, which could lead to significant losses for entities regulated by the NYDFS. Therefore, on March 1, 2017, the NYDFS developed regulations (23 NYCRR 500) to establish a cybersecurity program that protects sensitive data belonging to the regulated entities and their customers. Read our blog for more information on data privacy and compliance in the Americas.
Why Data-Centric Security for NYCRR Compliance?
The 23 NYCRR 500 cybersecurity framework advises financial organizations to implement proactive cybersecurity and data protection measures while complying with pre-existing data privacy regulations. Traditional security tools are not enough to protect data in multi-cloud environments, data sharing, and third-party collaborations, which can lead to data breaches. Seclore’s data-centric security provides persistent, granular, data-centric controls that always stay with the data, safeguarding sensitive information.
Comply with the 23 NYCRR 500 Regulations using Seclore Data-Centric Security
Know
Know the location of sensitive customer data within the organization and prevent sensitive data leakage.
Protect
Protect sensitive data from unauthorized access by applying granular usage controls.
Control
Track the use of information wherever it travels and automatically generate audit reports.
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Achieve Compliance with the NYCRR Guidelines Using Seclore
Financial organizations must implement proactive cybersecurity measures by following the 23 NYCRR 500 framework for data privacy compliance. Seclore’s data-centric security provides persistent and granular controls to identify and protect sensitive information in all scenarios. Cybercriminals target DFS-regulated entities and their consumers, causing financial losses, reputation damage, and personal information loss. Complying with 23 NYCRR 500 can be challenging despite many organizations ramping up their cybersecurity programs.
Explore Seclore for Financial Services
Financial services firms like banks and asset managers must protect customer data to comply with regulations. This ebook covers data security, compliance, and regulations in this industry, with a focus on securing the data itself. It offers practical guidance for implementing data-centric security strategies, safeguarding sensitive data, managing risks, and key roles and responsibilities in risk management.