What's New? NYDFS Major Update to Part 500 Cybersecurity Requirements

The New York Department of Financial Services (NYDFS) adopted a long-expected amendment to its Part 500 Cybersecurity Regulations. These are the first significant changes to Part 500 since its inception in March 2017.

Covered entities should begin to determine how the Part 500 updates may affect existing licenses or applications currently under review. In particular, covered entities should:

• Determine whether they fall under the definition of a “Class A Company.”
• Update documentation to account for new policy and procedure requirements.
• Examine their cybersecurity governance structure to ensure that their CISOs and senior governing bodies have the capabilities and resources to manage the cybersecurity program and report on material issues as needed.

Read more in the Cybersecurity section of the Digital Banking chapter of The Gold Book.