The New York Cybersecurity regulation – 23 NYCRR 500 – requires financial institutions to minimize their cyber security risk by formulating a full security risk assessment and plan. Matan Or-El, CEO at Panorays commented below.
“GDPR mandates that the suppliers of a company must be GDPR-ready in order for the company to be GDPR-ready. Contrary to GDPR, the NY DFS provision in regards to third parties, requires that organizations need to evaluate the risk posed to them by the third parties. However, it does not go that far by requiring the third parties to be compliant with NY DFS. Scaling is a huge concern and may seem unattainable to the financial institutions. After all, a financial institution has thousands of suppliers that they will need to evaluate – as well as need to hold to a minimum security standard – in order to reach the March 1, 2019 deadline. To arrive at that date in compliance, they must ensure that their process, or technology used, can easily, quickly and accurately manage the evaluation of the third parties regardless of their number. In order to properly evaluate the risk, the financial institutions need to not only have visibility into their suppliers, but also have context around the business and technology relationship between themselves and their suppliers.
ISBuzz Team embodies the collaborative efforts of the dedicated staff at Information Security Buzz, converging a wide range of skills and viewpoints to present a unified, engaging voice in the information security realm. This entity isn't tied to a single individual; instead, it's a dynamic embodiment of a team diligently working behind the scenes to keep you updated and secure. When you read a post from ISBuzz Team, you're receiving the most relevant and actionable insights, curated and crafted by professionals tuned in to the pulse of the cybersecurity world. ISBuzz Team - your reliable compass in the fast-evolving landscape of information security
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.