Client
A mid-sized financial services firm providing investment and wealth management solutions to clients across New York
Challenge
With increasing regulatory scrutiny and evolving cyber threats the client needed to comply with the New York Department of Financial Services Cybersecurity Regulation 23 NYCRR 500. The organization faced significant challenges in aligning its security framework with the regulation’s stringent requirements
- Cyber Risk Assessment Identifying vulnerabilities and assessing security gaps against NYDFS requirements
- Governance and Policy Implementation Establishing a cybersecurity program and governance framework to meet regulatory expectations
- Incident Detection and Response Implementing real-time monitoring and a structured incident response plan
- Compliance Documentation and Reporting Ensuring accurate record-keeping and timely submission of compliance reports to regulators
Solution
The financial services firm partnered with COE Security to develop and implement a comprehensive compliance strategy tailored to NYDFS Cybersecurity Regulation 23 NYCRR 500. Our experts provided structured guidance and technical support to help the organization achieve compliance efficiently
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Phase 1 Risk Assessment and Gap Analysis
- Conducted a full cybersecurity risk assessment to evaluate compliance with NYDFS 23 NYCRR 500 requirements
- Identified security gaps and developed a remediation roadmap to address regulatory deficiencies
- Established a governance framework with clear roles and responsibilities for cybersecurity oversight
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Phase 2 Policy Development and Security Implementation
- Assisted in drafting and formalizing cybersecurity policies procedures and governance documents
- Strengthened identity and access management encryption and multi-factor authentication controls
- Implemented continuous security monitoring and threat detection to enhance cyber resilience
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Phase 3 Incident Response and Compliance Reporting
- Developed a structured incident response plan with defined escalation procedures and regulatory reporting timelines
- Conducted cybersecurity awareness training to ensure compliance with employee security responsibilities
- Established compliance reporting mechanisms for submitting NYDFS certifications and breach notifications
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Phase 4 Continuous Compliance and Regulatory Readiness
- Conducted periodic security assessments and simulated cyberattack exercises to validate readiness
- Implemented automated compliance tracking to monitor and maintain adherence to evolving NYDFS regulations
- Provided ongoing advisory support to ensure the organization remained compliant with regulatory updates
Results
With COE Security’s expertise the financial services firm successfully achieved compliance with NYDFS 23 NYCRR 500 leading to
- Strengthened Cybersecurity Posture Enhanced protection against cyber threats with robust security controls
- Regulatory Compliance Met all NYDFS requirements ensuring adherence to state financial regulations
- Improved Incident Readiness Established an effective incident response framework reducing risk and exposure
- Increased Customer and Stakeholder Confidence Reinforced trust by demonstrating commitment to cybersecurity and data protection
Client Testimonial
COE Security provided the expertise and strategic approach we needed to navigate NYDFS 23 NYCRR 500 compliance. Their guidance helped us strengthen our cybersecurity framework meet regulatory obligations and enhance trust with clients and regulators.