If you use a computer these days, especially in the workplace, without a doubt, you have heard about various cyber-attacks in the news over the past several months that have affected companies all over the world. These threats can wreak havoc on your productivity and your bottom line, as well as compromise the personal data of your clients, patients, and employees, in some cases, making the data unrecoverable. In response to the ever-increasing concerns over data security, many industries are responding by implementing best-practice criteria- industry specific guidelines that must be followed, to ensure that companies are being proactive with regard to protecting the sensitive data stored within their systems. Because these best practices decrease the likelihood of a breach of data, or data loss, compliance is mandatory.
In March of this year, Department of Financial Services enacted 23 NYCRR Part 500, a regulation establishing cybersecurity requirements for financial services companies, went into effect. A couple of key dates are rapidly approaching.
- August 28, 2017 - 180 day transitional period ends. Covered Entities are required to be in compliance with requirements of 23 NYCRR Part 500 unless otherwise specified.
- September 27, 2017 – Initial 30 day period for filing Notices of Exemption under 23 NYCRR 500.19(e) ends. Covered Entities that have determined that they qualify for a limited exemption under 23 NYCRR 500.19(a)-(d) as of August 28, 2017 are required to file a Notice of Exemption on or prior to this date.
- February 15, 2018 - Covered Entities are required to submit the first certification under 23 NYCRR 500.17(b) on or prior to this date.
- March 1, 2018 - One year transitional period ends. Covered Entities are required to be in compliance with the requirements of sections 500.04(b), 500.05, 500.09, 500.12 and 500.14(b) of 23 NYCRR Part 500.
- September 3, 2018 - Eighteen month transitional period ends. Covered Entities are required to be in compliance with the requirements of sections 500.06, 500.08, 500.13, 500.14(a) and 500.15 of 23 NYCRR Part 500.
- March 1, 2019 - Two year transitional period ends. Covered Entities are required to be in compliance with the requirements of 23 NYCRR 500.11.
On our website, www.tech-ii.com, you can find links to FREQUENTLY ASKED QUESTIONS REGARDING 23 NYCRR PART 500, and CYBERSECURITY REQUIREMENTS FOR FINANCIAL SERVICES COMPANIES. If you are not sure if your company is in compliance, please visit us online or give us a call at (518) 587- 1565. We can help you implement the necessary security measures to get in compliance and avoid costly fines.
