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ARTICLE · 24 OCTOBER 2024

NYDFS Cybersecurity Regulation Compliance Requirements For November 1, 2024

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As we previously reported, in 2023 the New York State Department of Financial Services (NYDFS) amended its cybersecurity regulation, 23 NYCRR 500 (or Part 500).

United StatesTechnology
Trisha Sircar
Trisha Sircar
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As we previously reported, in 2023 the New York State Department of Financial Services (NYDFS) amended its cybersecurity regulation, 23 NYCRR 500 (or Part 500). NYDFS has published guidance on the implementation timeline for key compliance dates for the various categories of entities impacted. These include Small Businesses, Class A Companies and Covered Entities.

As of November 1, 2024, the following requirements will be effective for Class A Companies and Covered Entities:

Cybersecurity Governance (500.4)

Chief Information Security Officers (CISOs) must include plans for remediating material inadequacies in written reports to senior governing bodies. In addition, CISOs will be required to timely report to senior governing bodies or senior officers on material cybersecurity issues, such as significant cybersecurity events and changes to the cybersecurity program. Entities' senior governing bodies will be required to exercise oversight of cybersecurity risk

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