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The New York State Cybersecurity Requirements for Financial Services Companies, or 23 NYCRR Part 500, took effect March 1, 2017. These Requirements address a broad array of topics from policy and governance issues to security methods.
Thales provides many of the solutions you need to comply with these requirements.
Is designed to promote the protection of customer information as well as the information technology systems of regulated entities. This regulation requires each company to assess its specific risk profile and design a program that addresses its risks in a robust fashion. Senior management must take this issue seriously and be responsible for the organization’s cybersecurity program and file an annual certification confirming compliance with these regulations. A regulated entity’s cybersecurity program must ensure the safety and soundness of the institution and protect its customers.
It is critical for all regulated institutions that have not yet done so to move swiftly and urgently to adopt a cybersecurity program and for all regulated entities to be subject to minimum standards with respect to their programs. The number of cyber events has been steadily increasing and estimates of potential risk to our financial services industry are stark. Adoption of the program outlined in these regulations is a priority for New York State.1
We excerpt below specific Sections of 23 NYCRR Part 500 with which Thales can help your organization comply:
Each covered entity shall … include audit trails designed to detect and respond to Cybersecurity Events that have a reasonable likelihood of materially harming any material part of the normal operations of the Covered Entity.
As part of its cybersecurity program, based on the Covered Entity’s Risk Assessment each Covered Entity shall limit user access privileges to Information Systems that provide access to Nonpublic Information and shall periodically review such access privileges.
Each Covered Entity’s cybersecurity program shall include written procedures, guidelines and standards designed to ensure the use of secure development practices for in-house developed applications utilized by the Covered Entity, and procedures for evaluating, assessing or testing the security of externally developed applications utilized by the Covered Entity within the context of the Covered Entity’s technology environment.
Each Covered Entity shall implement written policies and procedures designed to ensure the security of Information Systems and Nonpublic Information that are accessible to, or held by, Third Party Service Providers.
As part of its cybersecurity program, each Covered Entity shall … implement risk-based policies, procedures and controls designed to monitor the activity of Authorized Users and detect unauthorized access or use of, or tampering with, Nonpublic Information by such Authorized Users….
As part of its cybersecurity program, based on its Risk Assessment, each Covered Entity shall implement controls, including encryption, to protect Nonpublic Information held or transmitted by the Covered Entity both in transit over external networks and at rest.
Thales can help you meet the many of the requirements in 23 NYCRR Part 500 through the following:
CipherTrust Manager from Thales has robust auditing and reporting that integrate with SIEM systems to detect and respond to cybersecurity events that have a reasonable likelihood of harming any material part of the normal operations of the enterprise.
CipherTrust Manager enables the organization to limit user access privileges to Information Systems that provide access to Nonpublic Information.
CipherTrust Application Data Protection enables your organization to encrypt specific files or columns in databases, big data nodes, and platform-as-a-service (PaaS) environments. The product features a set of documented, standards-based APIs that can be used to perform cryptographic and key management operations in your technology ecosystem.
Thales has specialized cybersecurity products and services for enterprises using public cloud services and other third-party services. These include multi-cloud encryption key management and the ability to bring your own encryption to the cloud.
Thales’ CipherTrust Transparent Encryption protects data with file and volume level data-at-rest encryption, access controls, and data access audit logging without re-engineering applications, databases or infrastructure. Deployment of the transparent file encryption software is simple, scalable, and fast, with agents installed above the file system on servers or virtual machines to enforce data security and compliance policies. Policy and encryption key management are provided by the CipherTrust Manager and links.
Thales also offers High Speed Encryptors (HSEs) that provide network independent data-in-motion encryption (Layers 2,3 and 4) ensuring data is secure as it moves from site-to-site, or from on-premises to the cloud and back. Our HSE solutions allow customers to better protect data, video, voice, and metadata from eavesdropping, surveillance, and overt and covert interception—all at an affordable cost and without performance compromise.
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