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Cyber Security and e-Crime

Poll results announced this from Prevalent, Inc. show that New NY State Cybersecurity Regulations Are Driving Financial Services Organizations to Action - but more than a third aren't fully clear on what they need to do. The regulations are widely considered to be a potential US national model for cybersecurity requirements.

More than 600 IT and security pros in financial services answered a flash poll from American Banker and Prevalent about their organization's readiness for 23 NYCRR 500 cybersecurity regulations, and the various mandates that take effect from now through 2019.

34 percent of respondents said their organization needed further information to understand compliance requirements and deadlines;

20 percent of respondents reported that their organizations had less than a quarter of the requirements currently in place for compliance (seven percent) or needed more knowledge about requirements and timeframes (18 percent).

"Like New York State, more and more regulators, state agencies, investors, and other stakeholders are connecting the dots between financial health and cyber security... New York State's NYCRR 500 is likely to serve as a model for other states' cybersecurity requirements because it addresses third party risk -- which is all too often the soft underbelly of many enterprises' cyber security defenses," said Brad Keller, CTPRP, JD, and Prevalent Senior Director of Third-Party Risk.


***Full detail next week...please standby!