Evidence of NYS Cyber Security Compliance 23 NYCRR 500 is Coming Due. Will You Be Ready?
February 15, 2018 is the filing deadline for your Certificate of Compliance!
In September 2016 the New York State Department of Financial Services (DFS) proposed a broad set of cybersecurity regulations for financial institutions subject to NYDFS authority. Under New York’s banking, insurance and financial services law those included are: commercial banks, mortgage brokers and servicers, small-loan lenders and money transmitters doing business in New York, and foreign banks with New York State-licensed offices. The proposal is similar to existing guidance but goes further in a number of ways, such as requiring enhanced encryption of data of all nonpublic information whether “in transit” or “at rest,” and improved multi-factor authentication. Furthermore, the proposal requires that a signed annual Certificate of Compliance be submitted by either the chairperson of the board or a senior officer, who could be potentially exposed to individual liability if the entity is proven to be non-compliant.
Count on SEI for Cyber Liability Insurance
Cybersecurity is of major concern for the financial services industry regulators and that is why your organization should take action to implement a comprehensive, scalable cybersecurity program that protects your company’s and its customers’ sensitive personal and financial data.
SEI is experienced and perfectly positioned to help you mitigate your cyber risks and to develop a customized cyber liability insurance program that can help offset the impact of any malicious data breach.
SEI helps with these areas:
Liability
- Network Security and Privacy Liability
- Internet Media Liability
- Regulatory Proceedings and Fines
- Payment Card Industry (PCI) Loss
1st Party Coverage
- Data Breach Team Expense – team will be paid to determine how breach occurred, what files were encroached/who to notify, how to protect system from future breach.
- Business Interruption Coverage
- Digital Property Replacement
Crime Coverage (Digital)
- Cyber Extortion – happening pretty frequently now. Intruder locks files and then forces bitcoin payment.
- Electronic Transfer Fraud
- Deceptive Transfer
- Telephone Toll Fraud
We’re Here and Ready to Help with Cyber Liability Insurance
If you haven’t paid much attention to 23 NYCRR 500 and the Certificate of Compliance filing deadline by now, don’t delay any longer. Call SEI today! To schedule an appointment with a cyber insurance expert, call SEI at 877.237.2481 or fill out our contact form here.
