All Articles

Michael Petrov is presenting a three-day virtual seminar/workshop: “Cybersecurity Standards Versus Hackers and Government” through ISACA New York Metropolitan Chapter.

This three day course covers the basics of cybersecurity standards and frameworks. Designed for I.T. and Cybersecurity Professionals, topics include: standards, methodology, review, and audit techniques, implementations and operations of cybersecurity standards.

Pure Finance Group, an indirect home improvement lender based in Laurel, Maryland. recent engaged New York based Digital Edge to help them comply with the Graham-Leach Bliley Act. GLBA requires companies that offer consumers financial products or services like loans, financial or investment advice, or insurance to explain their information sharing practices to their customers and to safeguard sensitive data. 

For a company with general help desk oriented IT, it is a daunting challenge to assess how information be classified, and to establish risk analysis and technological procedural controls quickly. The management team at Pure Finance Group assessed that they would need both a strategy and an overall adoption of technology and processes required by the law. They also agreed that it would take approximately 3 months.  As a next step, they needed to identify a firm that had the expertise in cybersecurity, compliance and operations who could offer guidance and streamline the process for them.  

Pure Financial decided to engage Digital Edge first for an internal audit to understand better the challenges and then create an overarching adoption plan. Digital Edge’s legal team provided the law and control applicability analysis while the cybersecurity team created a plan of technology controls implementation. By leveraging the tools and resources that Digital Edge brought to the project, Pure Finance Group revealed a 60% saving in time and overall completion of project was cut in half.

“We engaged  Digital Edge (“DE”) in the assistance of this very important compliance project. The turnaround time on the project was very short. As soon as we engaged them, their Team of experts quickly responded, and the project was underway. They took the time to thoroughly explain what was needed, promptly completed the necessary tasks to complete the project and provide us with the information we needed to meet our deadline. Michael, Keith, and the rest of the Team were very professional, knowledgeable, and committed to helping us meet our deadline. Pure Finance Group would consider using Digital Edge for future projects.”  Says HJ Snead, Director of Compliance and Risk

The overall  implementation and preparation of the documentation including information, classification, risk analysis, policies and procedures as well as the internal audit took 8 weeks. Following completion of the project, the package was submitted to the state and approved within a few days after the submission. 

This success story underscores the value of a responsive, integrated approach to cybersecurity, compliance, and operations providing companies in the Financial Services sector with a vital “License to Operate amid the ever-changing regulatory landscape. 

New York City - September 05, 2023 - Digital Edge responds to the dynamic regulatory landscape with its NYS DFS 500 compliance service on AWS, addressing the intricate mandates set by the New York State Department of Financial Services (NYS DFS). The NYS DFS 500 regulation imposes rigorous cybersecurity standards on financial institutions to safeguard sensitive data and operational integrity.

Crafted meticulously by Digital Edge's in-house compliance and cybersecurity legal experts, the NYS DFS 500 compliance service aligns seamlessly with the unique challenges faced by financial organizations. The integration of cloud services, cybersecurity, and compliance into a unified strategy empowers businesses to navigate NYS DFS regulations effectively.

"Our commitment to staying ahead of regulations and cybersecurity best practices led us to develop the NYS DFS 500 compliance service on the robust AWS platform," remarked Michael Petrov, CEO, Digital Edge. "This underscores our dedication to enhancing security while fulfilling regulatory requirements."

The NYS DFS 500 compliance service simplifies compliance attainment and maintenance, offering a comprehensive framework covering risk assessment, data protection, incident response, and ongoing monitoring. Leveraging AWS's advanced infrastructure, Digital Edge guarantees clients unmatched reliability, scalability, and security.

Digital Edge's holistic approach optimizes cost management and vendor relationships, allowing financial institutions to concentrate on core objectives. The launch of the NYS DFS 500 compliance service on AWS reinforces Digital Edge's commitment to transforming the financial industry by safeguarding operations and delivering unparalleled value.

For details on Digital Edge's NYS DFS 500 compliance service and its broader FinTech solutions, visit www.digitaledge.net.

About Digital Edge:

Digital Edge pioneers tailored cloud, cybersecurity, and compliance solutions for the FinTech and financial services sector. Armed with industry expertise, an in-house compliance team, and cybersecurity legal specialists, Digital Edge empowers clients to operate securely and compliantly. Through its comprehensive approach, Digital Edge helps clients navigate evolving cybersecurity challenges and enhance their market presence, driving the transformation of the financial industry.

For more, visit www.digitaledge.net

To see the listing on AWS Marketplace for DFS 500 click here

Digital Edge’s NYS DFS 500 Financial Services Security and Compliance Framework includes our DFS Reference Architecture which specifically guides customers in their AWS deployments and addresses the new requirements that have become a part of the NYS DFS 500 Law. 

The current cybersecurity laws and regulations landscape is complex and burdensome. Public cloud providers are trying to help automate and offload the weight of program implementation but there is still a long way to go.
New York State DFS introduced its 23 NYCRR 500 regulation that requires implementation of cybersecurity requirements for all covered entities.
 
Digital Edge’s team, backed by our legal, cybersecurity and heavy AWS expertise has analyzed DFS requirements and possible AWS implementation automation suggestions.
 
Download the DFS 500 PDF with highlights and comments that include the joint work of our team.

teamDigital needed to implement an updated management system for governance of information security. They needed a partner to implement ISO 27001, the leading international standard for information security 

The client was using a web hosting solution that was problematic and did not offer good response times.  As an online company and digital platform the client needed a highly reliable web hosting solution that could be both flexible and scalable, they also needed a managed services partner who could provide software support 24/7 and dev-ops for troubleshooting. The platform was being used by their client base mostly on evenings and weekends so a pay as you go pricing model would offer the best solution.

Digital Edge pivoted to work with the client to organize and streamline their AWS accounts.  Digital Edge also implemented data governance with rules of engagement and cloud modernization strategies leveraging the AWS Account Factory program.  By leveraging the Account Factory program they could help their client increase speed to market and delivery for their users. By  leveraging “best practices” around an AWS SaaS solution they could also improve their client’s security posture and compliance.

The California Privacy Rights Act (CPRA), slotted to go into effect January 1, 2023 has had a recent change.  The California Privacy Protection Agency Executive Director, Askan Solitani, recently announced in a 12/16 board meeting that release of the final rules of the CPRA will be pushed back to April, 2023, leaving a 3 month gap between the regulations effective date and publication of it's rule requirements.

Digital Edge delivers a digital transformation strategy for global fintech client to re-engineer their existing on-premise IT infrastructure and provide the client with Cloud modernization, acceleration and further transparency they were seeking for internal teams.