23 NYCRR Part 500

23 NYCRR Part 500 Ensuring Compliance for Safety Pertaining to Cybersecurity

Too many times, financial organizations have suffered from one cyber-attack or another. The reason is a stiff increase in cyberattack attempts. Unfortunately, the cybercrime industry is racking in billions, owing to the negligence of financial institutions to seek protection. However, the recent adoption of the 23 NYCRR Part 500 has enabled financial institutions to avert cybercrime activities smartly. Therefore, here are some of the benefits of following the 23 NYCRR Part 500 regulations.

1.    Avoiding vulnerability

As a financial institution, you shouldn’t see cyber protection as a less critical investment. The fact is that you wouldn’t want to be counting the regrettable financial losses to cyber hacking. Therefore, it is advisable to work with regulating bodies that can help assess your vulnerability on the online hemisphere. This way, you can be rest assured of not losing your earning to hackers. If your data is leaked or becomes vulnerable for the hackers to access. Then hackers may hold you to a ransom, which can lead to bankruptcy. However, with the introduction of the 23 NYCRR Part 500 regulations, you can test how impenetrable your cyberspace is.

2.    Authentication

Since the cyberspace is a wide area for building connection, a lot of its activities need to be under checks. On a daily basis, businesses report one form of criminal activity or another, especially in the financial sector. However, you can work with the right authorities in letting them expose the true identity of those coming to your space. The 23 NYCRR Part 500 can help you have a deep understanding of how you can protect your investments. Therefore, your compliance with the 23 NYCRR Part 500 regulations can help you deal with imminent cyber threats professionally. This way, you have a strong platform for detecting suspicious activities that can cause you huge financial losses.

3.    Technological development

 The fact is that hackers wouldn’t rest until they have developed smarter ways of hacking into presumed fortified cyber systems. However, with the introduction of 23 NYCRR Part 500, businesses will be encouraged to better there cyber protection, invest on R&D of new technology and methodology to safeguard against cyber attacks.

Finally, you shouldn’t wait until your organization to becomes a victim of a ransomware attack. Therefore, it is important that you follow the processes needed to strengthen your protection. A strong focus on the 23 NYCRR Part 500 regulations can help you in the long run.

23 NYCRR Part 500

What Are the Key Areas and Components to Focus on to comply with for Achieving 23 NYCRR Part 500

The financial service sector is constantly under data breach and cyber-attack. With 4000 cyber-attacks reported per day, the stability of the global financial sector is at stake. There are classier methods in use these days to extract funds online from victims by holding their encrypted data captive via malicious software – ransomware. In fact, the cyber criminals are escaping detection with great ease. It highlights the urgency to strengthen cybersecurity features and maintain certain regulatory minimum standards issued by NYDFS. The 23 NYCRR Part 500 contains a new set of Cybersecurity Regulations making adherence mandatory to many of the new cybersecurity requirements for all the NYDFS covered financial entities.

To fight with cyber threats and protect consumer data, the New York Department of Financial Services (NYDFS) made it mandatory for all licensed, registered and DFS regulated organization to comply with a new regulatory standard – 23 NYCRR Part 500. It is first-of-its-kind cybersecurity regulation in effect since March 2017 to formalize the requirements for providing an annual certification of 23 NYCRR 500 compliance and imposing monetary and operational penalties for non-compliance. Below is listed the key areas and components your organization will have to focus on to achieve 23 NYCRR part 500 compliance easily.

Key Areas to Focus on for Achieving 23 NYCRR Part 500 Compliance

If you want to comply with 23 NYCRR Part 500 regulations, you will have to present proof that you have taken measures to protect the integrity and confidentiality of sensitive consumer data. Addressing fourteen key areas including information security, data governance/classification, asset inventory and device management, and access controls and identity management are very important for your business.

You have the responsibility to evaluate external and internal cyber threats, and apply an incident response plan showing how fast and effectively it will act in response to a data breach. The efficiency will be decided on its speed of responding and promptness in informing not only DFS, but also clients about the kind and intensity of the breach.

The hiring of a CISO (Chief Information Security Officer) and qualified cyber security personnel is a must. The CISO can be an in-house staff or from a third party who will have to ensure his/her expertise at the time of establishing the cybersecurity program and supervising its operation constantly. The Chief Information Security Officer can also choose an in-house staff member of your organization to assist him in keeping the cyber side safe and secure.

Key components Required for 23 NYCRR Part 500 compliance:

  • Appointing a CISO (if there is none)
  • Creating and managing a comprehensive Cybersecurity program
  • Implementing a written Cybersecurity policy
  • Performing cyber risk assessments periodically
  • Documenting all Cyber related policies and procedures in your organization
  • Performing penetration testing annually and vulnerability assessments bi-annually
  • Training and monitoring all of your staff regularly
  • Monitoring your assets and making audit trails following a carefully prepared plan of action
  • Restrict user access
  • Securely dispose any unwanted data
  • Notifying NYDFS superintendent in the event of a breach within 72 hours.
  • Getting annual compliance certificated approved by the Chairperson or Senior Officer of the BOD.

If your business hasn’t already taken any step toward this new cybersecurity regulation, a quick risk assessment is what you should go for to find out any possible risks. It should be never too late to get your cybersecurity in line. Even if you are on the verge of missing the deadlines this year for compliance and cybersecurity measures, get help from CompCiti. With expertise in cybersecurity audit and compliance, CompCiti is helping financial institutions in New York with 23 NYCRR 500 compliance Call CompCiti at (212) 594-4374 for a free consultation and no-obligation assessment!

SOX Section 404

Top 10 Hurdles In the Way of SOX Section 404 Compliance

The Sarbanes-Oxley Act or “Company Accounting Reform and Investor Protection Act” is a federal law passed by the US Congress in 2002 to reform the corporate financial reporting and the accounting process. This regulation was enacted after huge financial frauds occurred in the US, leading to the fall down of corporate giants like Enron, Arthur Anderson and WorldCom. The section 404 of Sarbanes-Oxley Act (SOX Section 404) is the most challenging, complicated and expensive to apply of all the sections of this regulation meant for compliance. It declares that all publicly-traded companies should have adequate internal accounting controls in place and carry out their assessment by management at the end of every year to make sure they remain operational and efficient all the time. The aim of SOX Section 404 is to lower the corporate fraudulent activities by growing the strictness of procedures and standards for financial reporting.

SOX Section 404 involves two key components: drawing details about the accounting system, responsibility of executives and financial officers with regard to the accuracy of financial statements and for the effectiveness of work furnished by the department of internal control. The regulation also asserts requirements for individual directors, to avoid disagreement or deliberation of decision-making based on the opinion of a small group of executives. SOX Section 404 requires the setup of audit committees entirely of non executive directors to discharge the duty of appointing, dismissing, and compensating auditors. It ensures an improvement in the audit committee’s role that will add to the independence of auditor and his/her audit quality. While approving the implementation of corporate governance principles and highlighting the limits in the relationship of the management and the external auditor, SOX Section 404 regulation acknowledges a few other measures to protect shareholders. By taking the basic steps to maintain the principles of corporate governance (reliability, transparency, and responsibility), your financial accounting firm can make sure to be compliant with the 404 section of SOX act. But you should be prepared to overcome the hurdles that may come in your way of achieving compliance, including:

10 Hurdles in the Way of SOX Section 404 Compliance

If you need to comply with SOX section 404, you should be aware of the following hurdles that may delay the process:

1. Absence of a corporate-wide, executive-run internal control structure

2. Absence of a proper corporate risk management plan initiated by a qualified auditor

3. Too little controls concerning the recording of irregular, complex, and abnormal transactions

4. Poorly controlled post merger or acquisition integration

5. No adequate controls over the IT surroundings

6. Inefficient financial reporting and corporate disclosure procedures

7. No proper controls over the financial reporting closing process

8. No up to date, unfailing, comprehensive, and documented accounting procedures and policies

9. Incapability to assess and test controls over outsourced functions, activities and processes

10. Too little understanding of the board and audit committee about the risk and control

Finally, it is recommended to refer to this list as a benchmark to begin the preliminary stage of  a macro level financial risk assessment within your firm. By going through this list cautiously, you can recognize possible concerns that may affect and develop a suitable plan of action plan to solve out these risks as soon as possible.

To know what you exactly need for SOX section 404 compliance and how to avoid the financial risks and penalties, contact CompCiti’s expert auditors at (212) 594-4374.

Cybersecurity Regulation

A Complete Guide to 23 NYCRR Part 500 Compliance Assessment Requirements

NYCRR Compliance Assessment for User Data Protection

The main objective of the 23 NYCRR Part 500 regulation compliance is to implement best practices within the NY’s Financial Services industry that would minimize the growing threat of cyber crimes. It includes necessary standards for access control, security breach remediation and the basic requirements for strengthening the cybersecurity measures. With an early consultation for NYCRR compliance assessment, businesses can help meet compliance requirements while earning the ability to implement a more durable and efficient cyber security program.

23 NYCRR 500 Compliance Requirements

23 NYCRR compliance assessment is better when left with the experts. The regulation guidelines are required to be followed diligently to ensure full compliance. There are expert consultants to evaluate your compliance readiness through the following steps ensuring that your organization achieves the compliance requirements:

  • Adopting a complete cybersecurity program.
  • Implementing and maintaining a written cybersecurity policy.
  • Conducting an audit to find out the present level of regulatory compliance.
  • Suggesting remediation for security vulnerabilities identified on your information systems.
  • Advising your organization on certain steps that are required to attain 23 NYCRR compliance.
  • Implementing multi-factor authentication for safe internal data access.
  • Set up the security infrastructure to automatically encrypt nonpublic information.
  • Implementing policies and procedures to safeguard nonpublic information managed by 3rd party service providers.
  • Cybersecurity education and training for your staff.
  • Protecting your principal security infrastructure, considering inclusion of VPN access, firewalls, anti-phishing, and useful tools to guard against malicious attacks.
  • Cybersecurity breach monitoring and reporting.

All businesses regulated by the DFS are required to be 23 NYCRR Part 500 compliance whether you are a private banker, a state-chartered bank, a mortgage broker, or an insurance company. Most of these financial institutions face familiar challenges and threats when it comes to having a cybersecurity program in place or staying compliant with regulations. The best measure to get compliant is by getting a better understanding of the regulation, implementing a comprehensive cybersecurity plan in place and hiring a Chief Information Security Office (CISO) to overlook the security program. It might be an uphill task to comply with the NYDFS Cybersecurity Regulation.

CompCiti is a cybersecurity and compliance expert helping businesses stay compliant with 23 NYCRR Part 500. To book a free consultation on NYCRR and get a compliance assessment, contact CompCiti at (212) 594-4374!

managed services

11 Features That Make Managed Services in New York a Must Have IT Service for SMBs

No matter if you are a large or small company in New York, you always need to embrace the latest technology to function efficiently. Having a reliable IT managed services partner in the city allows you to focus on core business activities and to contract out 24/7-hour monitoring, maintenance and protection of your IT infrastructure. IT Managed services in New York differ in scope and contains a wide variety of options such as network security management, email setup, systems monitoring, virus protection, data backup (DRBC) and recovery.

Your NY business’ overall performance depends on several factors. In today’s time, IT maintenance along with new installations and upgrades is the most important one of them. So, how to find out the loopholes and inefficiencies in your IT infrastructure setup? How security breaches, downtime, and other IT issues are going to affect your business? How severe might be the consequences after failing in areas like backup and recovery? Won’t it be better to try IT managed services in New York and offloading your burden to expert consultants?

Managed services in New York serve as a single point of service, lowering IT maintenance costs and maximizing productivity. They cover monitoring, managing and fixing IT system and help local businesses to get on track fast. From security protection and virus updates to server management and backup maintenance, every option comes included in a single package that can be custom planned to your needs. Typically, managed services in New York have low pricing offers for monthly subscribers. It allows your business to choose for the services you require and get emergency support to resolve the issues faster. A managed service is more like an extension of your in-house IT department but without the stress of running the same.

Here are 11 features of managed services in New York that make it a must try option for your business IT needs:

  1. Reduced risk of downtime and cyber attack

2. Proactive approach to prevent and resolve IT issues

3. Customized packages and fixed spending

4. The luxury of getting access to expert skill and insight to beat competition

5. Compliance with the latest security standards

6. Lower IT operating costs and increased efficiency

7. Better networking and customer service

8.  Hassle free management of hardware and software vendors

9. Quick implementation of new technology

10. Prompt response to IT needs

11. Keep focused on business activities without dealing with complicated IT situations

All the above features along with a few others, will help your business run at its optimal efficiency by making the most of managed IT services in New York City.  Irrespective of the industry, size, or nature of work, considering the comprehensive management of your IT system is very crucial for your business.. The objective of professional managed services in New York is to help your business run successfully without any downtime. That’s what CompCiti can help with. CompCiti assists SMBs with smooth IT operations and a reasonable budget.

Want to have a consultation on Managed Services in New York? Call CompCiti Business Solutions at (212) 594-4374 today!

cyber security

Top 4 Reasons Your Company Must Use Expert Cyber security Services?

Do you have in-house expertise to  identify and counter cyber securitythreats? With increasing risk of cyber-attacks,you need expert cyber security services in New York to protect your business against the next cyberattack. With the appropriate combination of cyber security services & information security technology, operate your ITwithout interruptions in a world where everything is increasingly linked together.

In this post, we have listed top 4 reasons you should take into account while employing expert cyber security services in New York to maximize network security for your company.

Security evaluation & planning:

An increasing threat volume requires your company to constantly appraise & scrutinize new risks, threats and vulnerabilities that make you the next prey to a cyber attack.

Security evaluations make sure that you stay alert and proactive in terms of accessing a potential threat. Security consultants are skillful at constructing security road maps customized to your needs. Every security solution projected will have a recommended plan & will be matched with the tactical objectives of your company. The road map will be developed carefully to synchronize your present IT environment and your budget.

An extension of your in-house security team:

Your in-house IT department may not have the required skills and knowledge to access an incoming threat. Attackers are getting more sophisticated with their means of attack. It is becoming a norm to hear about a new form of attack almost every month. A cyber security expert is equipped with all the right tools and skills to keep them up-to-date with the threats and vulnerabilities. They work with your IT department or personnel and act as an extension to form a protective shield to proactively guard your business from a looming attack. 

Make the most of your security investments:

Numerous SMBs still consider cyber security cost as an expense rather than an investment. Imagine getting attacked by a Ransomware where you’d be held hostage to release your data in return of a ransom amount. Businesses end-up shelving thousands of dollars without the guarantee of retrieval of their data. On the other hand, spending on cyber security should be considered an investment to protect your data.

For comprehensive cyber security service in New York you can count on CompCiti Business Solutions. Our Cyber Security Experts are certified and skillful to safeguard your business from common cyber attacks like phishing to the most sophisticated threats like Ransomware.Call us at (212) 594-4374 to find out more about our Cyber Security Management Services. Please feel free to stay connected with us on Facebook, Twitter, Google+, Pinterest and Linkedin social networks!

managed services

How To Choose A Dependable Managed Cloud Services Provider in NY?

While shopping for a managed cloud service provider in NY, there’re quite a few attributes you will want to assess & keep track of. You have to ensure that your managed cloud service can fulfill your organization’s needs which are consistent with the required services & product needs.  Here in this post, we will discuss top 5steps you should take to pick a reliable managed cloud services provider.

Step 1: Identify your service requirements:

Create an in-house checklist of must have services before you start looking for managed cloud services provider in New York. You might want to avail services like private cloud to host your data, virtual servers, clusters to run production environments or data centers to support computer& data processing. Relying on the kind of cloud computing you are seeking, you mayopt for one vendor or multiple service providers. Preferably, it is recommended to use one dedicated service provider for all your managed services for easier management and cost perspective.

Step 2: Access the hardware capability of your managed cloud service provider

Not all companies have similar requirements from a managed cloud services provider. Accessing the hardware capability of a managed service provider helps ascertain the range and depth of their offering. Some typical services include 24×7 data monitoring, dependable disaster recovery system, in-house IT services and in-region network infrastructure.

Step 3: Access software support:

Besides the hardware’s ability, you will require assessing your managed cloud’s software compatibility. This refers to the APIs (Application Programming Interfaces) supported by your cloud service supplier and can bedistinguished between a short change window & a drawn out-migration. However, if your service provider employs standard APIs that works  with your existing set-up, you will find the shift much more smoother.

Step 4: Scrutinize security:

If there are any cons of cloud, it’s the lack of dependable security protocols. Though most of the internet connected device sare vulner able to cyber and virus attacks, your managed services provider must thoroughly follow best-practices to cover all bases of possible exposure.A competently managed cloud service provider requires a set of security protocols intended to keep your all-important data safe & their systems functional. Ask your prospective cloud service regarding their external and internal security protocols to confirm what is safeguarding your data from user error, hardware failures, operator negligence and spiteful attacks.

Step 5: Get the paperwork done:

After selecting a cloud-managed service with which you want to work with, ensure you confer a service level agreement (SLA) that offers precisely the service you need, with standards for success & consequences for failure. This agreement makes sure you get what you pay for, and are not get stuck compensating for inadequate services.

It is essential to appraise the capability and reliability of a managed cloud service that you are thinking to handover your organization’s all-important data and the above-mentioned steps are a good road map to pursue before appointing a specific cloud service provider.