NYDFS
Summary
Regulation: New York State Department of Financial Services
Abbreviation: NYDFS
Governs these parties: all insurance companies, banks, and other regulated financial services institutions — including agencies and branches of non-US banks licensed in New York
Enforced by: the New York State regulators at the Department of Financial Services
Details
The NYDFS issued the Cybersecurity Regulation in response to the growing sophistication of cybercriminals and the increasingly volatile cybersecurity climate facing US financial institutions. The goal of the regulation is to ensure the safeguarding of sensitive customer data and to promote the integrity of the information technology systems of regulated entities to assess their cybersecurity risks and develop plans to address them proactively.
The rest of this document is designed to help our community understand NYDFS better by outlining the following information.
How this regulation relates to cybersecurity
In order to comply with the NYDFS:
- entities must establish a cybersecurity program with all documents pertaining to the program available upon request by the Superintendent of Financial Services
- the use of Multi-Factor Authentication is required for any individual accessing information from an external source
- entities must implement encryption controls based on the risk assessment, which seeks to secure Nonpublic Information held or transmitted over external systems
How Coro handles compliance for you
At Coro, we've done the research thoroughly and regularly track updates to the regulation in order to ensure that you are implementing best practices in the areas we cover when we're protecting your systems.
The following table outlines the requirements described by NYDFS that Coro implements in conjunction with Microsoft 365 or Google Workspace.
Disclaimer
This table does not guarantee that your organization is compliant with these regulations. As a best practice, seek assistance from a certified auditor when completing your analysis.
| Category | Requirement | How Coro does it |
|---|---|---|
| Cloud Security & Privacy | Malware and ransomware injection | Detects and remediates malware and ransomware files in cloud drives |
| Cloud app account takeover | Monitors access to cloud apps and user/admin activities on them | |
| Multi-Factor Authentication (MFA) | Enforces multi-factor authentication on cloud app access | |
| Data governance over cloud drives | Data loss prevention (DLP) for regulatorily and business-sensitive data | |
| Audit and activity logs | Archives all system activities for a period of seven years, supporting referencing and auditing | |
| Email Security & Privacy | Generic and spear phishing | Detects and remediates social engineering attacks based on email content analysis |
| Identity spoofing | Detects and remediates social engineering attacks based on adaptive identity monitoring | |
| Malware and ransomware injection | Detects and remediates malware and ransomware in email attachments | |
| Embedded links to malicious URLs | Detects and remediates embedded links to malicious servers | |
| DLP over outgoing/incoming email | Encrypts emails before they are sent, which are then decrypted by their recipients at the other end. | |
| Encryption of email during transmission | Encrypts email during transit between the sender and the recipient | |
| Business email compromise (BEC) | Scans business email, detects and protects against social engineering attacks | |
| Email account takeover | Detects and remediates email attacks from within the organization | |
| Audit and activity logs | Archives all system activities for a period of seven years, supporting referencing and auditing | |
| Endpoint Security & Privacy | Antivirus (AV) | Detects and remediates files with high-risk content based on their signatures |
| ATP (NGAV) | Detects and remediates processes exhibiting high-risk behaviors with behavioral analysis | |
| Device security posture | Detects security vulnerabilities on endpoint devices and enforces device security posture | |
| Data recovery | Stores local snapshots of data | |
| EDR | Enables post-breach analysis of endpoint activities across the organization | |
| DLP on endpoint devices | Provides data loss prevention (DLP) for business-sensitive data and data defined as sensitive by regulations | |
| Audit and activity logs | Archives all system activities for a period of seven years, supporting referencing and auditing | |
| Data Governance | Data distribution governance and role management | Provides data loss prevention (DLP) for data defined as sensitive by regulations |
| Security and business-specific data monitoring | Monitors for sensitive data according to business and security best practices, including passwords, certificates, source code, proprietary data, etc. | |
| Audit and activity logs | Archives all system activities for a period of seven years, supporting referencing and auditing |