Key 23 NYCRR 500 Requirements Addressed by Acsense’s IAM Platform
New York’s Department of Financial Services (DFS) has implemented rigorous cybersecurity requirements under 23 NYCRR 500, recently strengthened by the Second Amendment. These requirements aim to protect financial institutions from cyber threats while ensuring operational resilience and compliance. Banks licensed in NYC must implement advanced measures for incident response, business continuity, privileged access management, and regular system testing.
This blog will explore how Acsense’s IAM Resilience Platform helps banks address these challenges, aligning seamlessly with DFS mandates while providing robust security and recovery capabilities.
Overview of Key Regulatory Requirements
23 NYCRR 500 outlines critical areas financial institutions must address to ensure cybersecurity compliance.
The following sections highlight mandatory requirements relevant to IAM systems and how Acsense supports their implementation.
1. Business Continuity and Disaster Recovery (BCDR) – Section 500.16
Requirement:
- Maintain plans for timely recovery of critical data and systems.
- Store backups offsite to protect against destruction or unauthorized access.
- Test restoration capabilities annually.
How Acsense Helps:
- Real-Time Backups: Acsense ensures continuous backup of IAM systems with secure offsite storage, minimizing data loss in case of breaches or ransomware attacks.
- Automated Testing: Built-in recovery testing capabilities meet the annual testing requirement and maintain operational readiness.
2. Incident Response Plans – Section 500.16(a)(1)(vii)
Requirement:
- Include backup recovery as part of incident response to promptly restore operations post-cyberattack.
How Acsense Helps:
- Acsense seamlessly integrates recovery processes into broader incident response plans, enabling rapid restoration of IAM systems and privileged accounts to mitigate disruptions.
3. Backup Security – Section 500.16(e)
Requirement:
- Protect backups against unauthorized alteration or destruction.
- Ensure backups remain secure during cybersecurity events.
How Acsense Helps:
- With advanced encryption and access controls, Acsense ensures the integrity and confidentiality of IAM backups, safeguarding them from tampering or compromise.
4. Privileged Access Management – Section 500.7
Requirement:
- Restrict and monitor privileged accounts to prevent unauthorized activity.
- Regularly review and update access controls.
How Acsense Helps:
- Continuous logging and backup of privileged account configurations enhance security and ensure quick recovery of access controls after incidents.
5. Regular Testing and Validation – Sections 500.5, 500.16(d)(2)
Requirement:
- Conduct regular tests to verify that backup systems can restore critical data and identify gaps in recovery capabilities.
How Acsense Helps:
- Automated validation of backup integrity ensures recovery processes are ready to meet regulatory and operational demands.
6. Cybersecurity Program Design – Section 500.2
Requirement:
- Develop a program capable of responding to and recovering from cybersecurity events, ensuring operational continuity.
How Acsense Helps:
- Acsense’s platform is designed to recover IAM systems quickly and efficiently, ensuring minimal disruption to business operations.
7. Asset Management and Recovery Objectives – Section 500.13(a)(1)(v)
Requirement:
- Maintain accurate records of recovery time objectives (RTOs) for key assets.
How Acsense Helps:
- The platform aligns recovery workflows with predefined RTOs, offering assurance that recovery timelines meet organizational needs.
Why Choose Acsense for IAM Resilience?
- Minimizes Downtime: Ensures fast, seamless recovery of IAM systems, preventing prolonged disruptions.
- Enhances Compliance: Simplifies adherence to DFS requirements with built-in security and resilience features.
- Improves Security: Advanced encryption and stringent access controls secure data during crises.
- Streamlines Audits: Comprehensive logs and automated reporting simplify regulatory inspections and compliance checks.
Transform Compliance into Opportunity
Meeting the stringent requirements of 23 NYCRR 500 is not just about avoiding penalties—it’s an opportunity to strengthen your organization’s resilience against evolving cyber threats. With Acsense, NYC-licensed banks can confidently address these regulatory demands while enhancing their overall security posture.
For more insights into how Acsense can support your institution, visit Acsense.
