NYDFS Reg 500 Compliance

Cyber Security Alert

On March 10th, 2020, the New York Department of Financial Services issued a letter to industries requesting necessary preparedness plans be submitted by April 9, 2020. CyberCompass software can help you offer your clients business continuity and pandemic plans quickly.  Contact us to see how we can partner with you.

The financial industry is under cyber siege. Because of this, NYDFS cyber security regulations are leading the way toward greater data privacy. They address the increasing number of cyber attacks on the financial industries. NYDFS Reg 500 Compliance Regulation (23 NYCRR 500) created cybersecurity rules for financial services companies.

The NYDFS supervises banks, insurance companies, and other financial service companies. You may be subject to NYDFS Reg 500 if you are a 

  • Credit Unions
  • Health Insurers
  • Investment Companies
  • Licensed Lenders
  • Private Bankers
  • Offices of Foreign Banks
  • Commercial Banks
  • Life Insurance Companies
  • Mortgage Brokers
  • Savings and Loans Associations

NYDFS Reg 500 Compliance Required by June 1, 2020.

NYDFS regulations can mean potential fines – up to $500,000 in less than a week.


Large fines can add up quickly for your business

  • $2,500 per day while a violation continues
  • $15,000 per day for reckless or unsound practices
  • $75,000 per day for a knowing and willful violation

Being NYDFS Exempt Does NOT Mean You are EXCUSED

NYDFS Reg 500 allows exemptions for some companies, but this does not mean you have no expectation toward cybersecurity. Not sure if you’re exempt? Click here to find out more about exemption standards.

Even if you are exempt, you are still required to complete a risk assessment. In addition, you must revise policies and procedures, publish a Third Party Provider Security Policy and document a cybersecurity program.

Not sure where to start or how you will afford it? We simplify the confusing and frustrating requirements for NYDFS Reg 500 compliance making it simple, easy and affordable.

CyberCompass automated compliance software gives you a fast, effective solution

NYDFS Reg 500 Compliance Made Easy

CyberCompass automates NYDFS Reg 500 compliance, translating  government requirements into layman’s terms. It does most of the heavy lifting to streamline NYDFS compliance workflow so you can meet the June 1, 2020 deadline.

Access it anywhere with no software download. Most importantly, you don’t have to be a NYDFS or cybersecurity expert to use CyberCompass.

Get and Stay NYDFS Compliant

  • Answer one set of simple yes/no questions that meets NYDFS regulations
  • Flexibility to start and stop as needed
  • Compliance gap report lets you easily see where you need improvements
  • Built in step-by-step guide helps you fix issues
  • CyberCompass online vault saves your “body of evidence” in one place
  • Monitor your compliance for 12 months with dashboards and reporting

Not sure how good your current cybersecurity it? Take our FREE Cyber Quick Check survey.
In 2 minutes you get an overview of where your biggest threats are.

See our NYDFS compliance Frequently Asked Questions to learn more.

CyberCompass® is now being offered to all eligible ELANY members at no cost. If you are an ELANY member, click here to activate your FREE account.

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