In prior posts, we discussed the amendments to 23 NYCRR Part 500 (Part 500) ahead of the April 15 deadline to certify compliance with Part 500 and the increasing focus on multifactor authentication (MFA) as a key cybersecurity control. While Part 500 sets out formal cybersecurity requirements, the New York State Department of Financial Services (NYDFS) regularly uses industry letters and guidance to signal how …
Part 2: NYDFS Sharpens Its Focus on Multifactor Authentication
Financial institutions covered by 23 NYCRR Part 500 (Part 500) (covered entities) must annually certify their compliance with these cybersecurity regulations. As the April 15 date for certifying compliance approaches, the New York Department of Financial Services (NYDFS) has been reinforcing its focus on one particular element of the updated requirements – multifactor authentication (MFA). On February 26, 2026, NYDFS hosted a public cybersecurity presentation …
NYDFS Refresher Series – Part 1: What Companies Need to Know Ahead of Annual Certifications of Compliance
Upcoming compliance certification Every year by April 15, financial entities subject to the New York Department of Financial Services (NYDFS) oversight (covered entities) are required to certify their compliance with the NYDFS’ cybersecurity regulations, 23 NYCRR Part 500 (Part 500). This year’s deadline will be the first time covered entities must certify compliance with all of the amendments to Part 500 that were phased in …
Rhode Island Enacts New Financial Institutions Cybersecurity Law With Immediate Effect
More states are advancing prescriptive cybersecurity standards and requirements for financial institutions, many of which align with regulations from New York’s Department of Financial Services. Rhode Island’s legislature passed Senate Bill 603, effective immediately, which requires specific cybersecurity controls and notice to the Department of Business Regulation within three business days of determining a security event has occurred. North Dakota’s new law, House Bill 1127, …