Articles by tag "cybersecurity"
DFS - Certification of Compliance - Due 2/15/2018!
New York State Department of Financial Services recently updated its web page to indicate that any covered entities (i.e., agencies, insurance agents or insurance brokers) that already submitted their Certification of Compliance, needs to do so again after Monday, Jan. 1, 2018.
According to the department, "The Certification of Compliance certifies that a Covered Entity complied with 23 NYCRR 500 for the entire calendar year. As such, the department only expects to receive a Certification of Compliance between January 1 and the February 15 deadline for the previous calendar year. Unless a Covered Entity is ceasing department-authorized operations before that year end, a Certification of Compliance before year end will not satisfy the requirement that a Covered Entity certify its compliance as of year-end."
The NYDFS Cyber Security Regulation (23NYCRR500) requires all New York-licensed insurance agencies, agents and brokers to file a certification of compliance, prior to Thursday, Feb. 15, 2018, and annually thereafter. The certification confirms that the licensed entity has complied with the regulation to the extent required, which includes conducting a risk assessment and developing cybersecurity programs and policies based upon that risk assessment.
Digital Edge is an expert in ISO standards, is certified by International Standard Organization on Information Security and Quality (ISO 27001). There is a clear crosswalk between DFS law and ISO standards. Digital Edge will help to implement policies, standards and practices to cover all DFS requirements based on International Standards Organization framework.
Contact us today to further explore how our team can provide your business with an unparalleled cybersecurity solution, with our continued focus on Stability, Security, Efficiency and Compliance.
For more information on this regulation and to ensure that your organization is following the critical compliance requirements, please read our most recent articles:
Is Your Cybersecurity Infrastructure in Compliance?
In March of 2017, the New York State Department of Financial Services’ (DFS) issued its “Part 500” - Mandatory Cybersecurity Requirements for financial services entities. Thus, requiring banks, insurers, and other financial institutions to establish and maintain a “risk-based, holistic, and robust security program” that is ultimately designed to protect consumers’ private data. Partial exemptions are provided for covered entities based on their staffing level, annual revenue, or total assets.
The initial deadline for submitting an annual Certification of Compliance on February 15, 2018 is rapidly approaching, and all organizations are required to comply with DFS Part 500 Section 9, Risk Assessment by March 1, 2018.
Digital Edge is an expert in ISO standards, is certified by International Standard Organization on Information Security and Quality (ISO 27001). There is a clear crosswalk between DFS law and ISO standards. Digital Edge will help to implement policies, standards and practices to cover all DFS requirements based on International Standards Organization framework.
Contact us today to further explore how our team can provide your business with an unparalleled cybersecurity solution, with our continued focus on Stability, Security, Efficiency and Compliance.
For more information on this regulation and to ensure that your organization is following the critical compliance requirements, please read our most recent articles:
Digital Edge’s Managed Security – response to HIDDEN COBRA- North Korean Remote Administration Tool: FALLCHILL
The Digital Edge Security Team warns that HIDDEN COBRA actors have been using FALLCHILL malware to target IT infrastructures. DHS and FBI specified Internet Protocol (IP) addresses and other indicators of compromise (IOCs) associated with a remote administration tool (RAT) used by the North Korean government—commonly known as FALLCHILL. The U.S. Government refers to malicious cyber activity by North Korea as HIDDEN COBRA.
HIDDEN COBRA uses dual proxy technique allowing to change vector of the attack and keep the source of the attack hidden.
These types of activities can have severe impacts such as data loss and disruption of operation. The Digital Edge Security Team has updated its own core infrastructure to protect our clients from possible impacts of HIDDEN COBRA and advise other IT organization to use the same practice.
Exempt from DFS Cybersecurity Regulations – Now What?
REMINDER: 4 DAYS Left to File Your NYS DFS Exemption
Let the Digital Edge Cybersecurity Team keep your business in compliance!
The Digital Edge Cybersecurity Team would like to remind you that exemption filing for the New York State Department of Financial Services’ (DFS) 500 Mandatory Cybersecurity is due on August 28, 2017.
Filing for this limited exemption only needs to be filed one time. In the future, if your organization no longer qualifies for the limited exemption as of your most recent fiscal year you would then have 180 days to comply with all applicable requirements of the regulation.
Read our step-by-step guide on how to file this exemption HERE!
Let the Digital Edge Cyber Security Team ease the burden of implementing the NYDFS Cybersecurity Regulations that are still required under your exemption. Contact our Sales Team for your free assessment and align yourself with compliance today!
Discover the NEW online DFS Cybersecurity Reporting Portal
On July 31, 2017, the Department of Financial Services (DFS) has launched a new online portal to securely transmit in real time all notifications required under New York’s first-in-the-nation cybersecurity regulation. If you need assistance with registration or with any or all components of this cybersecurity framework, the Digital Edge team is available to meet your compliance needs!
“With DFS’s leading cybersecurity regulation, the DFS cyber portal will allow New York’s financial institutions to quickly, easily, and securely report cybersecurity events and file required certifications of compliance, ensuring that the necessary safeguards are in place to protect New York consumers and financial institutions as the threat of cyber-attacks continues to increase.” - Superintendent Maria Vullo, Department of Financial Services
Filings made through the DFS Web Portal are preferred to alternative filing mechanisms as the DFS Web Portal provides a paperless reporting tool to facilitate compliance with the DFS cybersecurity regulation. Learn more about the New only DFS Cybersecurity Reporting Portal here.
Let the Digital Edge Cyber Security Team ease the burden of implementing the robust NYDFS Cybersecurity Regulation. Contact our Sales Team for your free assessment and align yourself with DFS compliance today
To Do: Check List to Comply with DFS Cybersecurity Law
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 law will produce large penalties if your company is found not in compliance and Digital Edge’s Solution is here to help avoid those hefty fines.
To Do List:
- Determine if you are regulated; to see how please click here.
- Determine if you are eligible for any of the 5 possible exemptions; to review the exceptions click here.
- If you are eligible for exemption, you must file the Cyber Security Notice of Exception by September 27, 2017.
- Depending on your exemption category, you may still need to build a cyber security system. Click here to see how Digital Edge can help you.
- By August 28, 2017, covered entities must be in compliance.
- February 15, 2018, covered entities must submit first Certification of Compliance.
DFS Compliance – Mandatory Cybersecurity Requirements
On March 1, 2017, the New York State Department of Financial Services’ (DFS) mandatory cybersecurity requirements for financial services entities became effective, with implementation to occur within 180 days (August 28, 2017). Let the Digital Edge Cybersecurity Team keep your business in compliance!
At a high level, the regulation requires that all covered entities:
- Conduct a documented risk assessment
- Establish a risk-based cybersecurity program
- Adopt a written cybersecurity policy
- Designate a qualified CISO
- Implement written third-party cyber risk policies
- Establish a written incident response plan
- Notify the superintendent of DFS of any cybersecurity events
- Submit an annual certification of compliance
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. To learn more about this mandatory compliance regulations, please read our most recent whitepaper entitled “DFS Compliance – Mandatory Cybersecurity Regulations”
Digital Edge DFS Cybersecurity Solution
The Digital Edge Cybersecurity Team is well-versed in the DFS regulation. We are ready to help companies mitigate risk and ensure compliance with all aspects of the DFS regulation! Contact us today to further explore how our team can provide your business with an unparalleled cybersecurity solution, with our continued focus on Stability, Security, Efficiency and Compliance.