The New York Department of Financial Services’ Cyber Requirements for Financial Services Companies, 23 NYCRR 500 (“Cyber Regulations”) went into effect on March 1, 2017. The Cyber Regulations are intended to require financial companies to assess their internal cybersecurity risks and develop a cybersecurity program to protect customer information and their IT systems, as well as respond, recover, and report cyber threats. The Cyber Regulations establish a comprehensive set of proactive cybersecurity standards for companies to follow, involving everything from appointing a designated Chief Information Security Officer (CISO) to submitting an annual compliance notice, and conducting penetration testing and vulnerability assessments.
Here is an overview of some key terms, requirements and deadlines under these new regulations.
The Trump administration has issued two executive orders focusing on national cybersecurity. The first establishes the American Technology Council, tasking it with developing policy around the use of information technology by the federal government and providing insight into how information technology policy is delivered to the president.
The orders include aggressive deadlines for federal agencies to submit reports on the cybersecurity of critical infrastructure entities, which may be difficult to meet.
For more insight, read our detailed review of the executive orders.
The WannaCry cyberattack on Friday, May 12, 2017 was the largest international ransomware attack to date.
Victims of the attack range in size—from Fortune 500 to small/medium-sized businesses—and industry—from academic institutions to large banks, health care providers and transportation networks. The U.K.’s health care regulatory agency, the National Health Service (NHS), was a major target. The attack’s devastating scale in exploiting data security vulnerabilities is a good reminder of how critical it is for health care organizations to conduct comprehensive security assessments immediately and regularly.
We took a close look at the WannaCry ransomware incident and have some tips for what organizations need to know to minimize their risk in this article.