Today’s blog is brought to you by our partner Ron Arden, Executive Vice President & COO of Fasoo who has a passion for cyber security, privacy and all things technology. It was featured on the Fasoo Blog on March 21, 2017.
Fasoo sponsored a Ponemon Institute survey to determine the readiness of financial firms doing business in New York State to comply with the new cybersecurity regulation NYDFS 23 NYCRR 500 that went into effect on March 1, 2017. The regulation includes deadlines to implement procedures and solutions to achieve compliance with the new standards. Since New York is one of the world’s financial capitals, the state wants to ensure that organizations that operate under the banking, insurance or financial services regulations provide a secure information sharing environment to protect companies and their customers.
“The survey is aptly titled “Countdown to Compliance,” said Dr. Larry Ponemon. “Our goal is to provide insight into the challenges these organizations face in complying with the demanding new requirements which apply to all ‘nonpublic information’ – at rest, in-transit and shared with third parties. The survey will provide insight into their efforts to comply over the next 180 to 365 days.”
Many organizations may not realize they are covered under these regulations, but if you just go to the NY Department of Financial Services website, you can search for your business. If you are a financial institution,
insurance company, insurance licensee or service contract provider, you are most likely covered. This also includes foreign banks that are New York State-chartered or licensed.
This is the second Ponemon Institute survey sponsored by Fasoo during the past year. The previous research, titled “Risky Business: How Company Insiders Put High Value Information at Risk” polled IT security practitioners on risks of data breaches by trusted insiders. The information in that survey is still very relevant to financial services firms and any business today.
“Both of these Ponemon surveys build market awareness and inform CIO/CISO and Compliance Officer leadership as to the need and now the mandatory New York State requirements for data-centric security, audit, and compliance solutions,” said John Herring, CEO of Fasoo, Inc. “We are joining with leading Legal, GRC and Insurance cybersecurity professionals to sponsor several events across New York State to highlight strategies and enterprise ready data-centric solutions to address regulatory compliance.”
If want to get an early release copy of the “Countdown to Compliance” survey and keep apprised of Fasoo sponsored NYDFS events, please register here.